{"id":67490,"date":"2022-09-21T16:35:01","date_gmt":"2022-09-21T13:35:01","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=67490"},"modified":"2025-09-07T06:52:59","modified_gmt":"2025-09-07T03:52:59","slug":"hong-kong-to-trial-retail-central-bank-digital-currency-e-hkd","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/hong-kong-to-trial-retail-central-bank-digital-currency-e-hkd\/","title":{"rendered":"Hong Kong to trial retail central-bank digital currency (e-HKD)"},"content":{"rendered":"

From the fourth quarter of 2022, Hong Kong authorities will begin testing the retail central-bank digital currency (e-HKD). The report comes from the South China Morning Post<\/a>.<\/p>\n

Earlier, two rounds of public consultations on demand, privacy and potential risks associated with the asset were held. During a briefing on 20 September, HKMA<\/span>‘s Deputy Chief Executive, Howard Lee, noted that many participants \u201cexpressed concerns\u201d about Hong Kong’s delay in launching the digital currency.<\/p>\n

\n

\u201cAlthough in the near term there may be no use cases for e-HKD, taking into account the results of our research and feedback, the HKMA will begin laying the path for its deployment,\u201d Li said.<\/p>\n<\/blockquote>\n

The test will involve select banks, payments and technology firms. According to a regulator spokesman, the aim of the Hong Kong dollar digital currency is to give customers \u201ca broader choice\u201d.<\/p>\n

According to the HKMA, from the fourth quarter it will begin deploying the architecture required for the e-HKD. The Authority will also prepare changes to the law to allow using the digital currency in Hong Kong as legal tender.<\/p>\n

In June 2021 the HKMA announced the Fintech 2025 strategy, one of whose main strands is the study of digital currency<\/a> with a view to readiness for its deployment.<\/p>\n

In the autumn the regulator published a white paper<\/a> entitled \u201ce-HKD: Technical Prospects.\u201d<\/p>\n

Earlier, the central banks of the PRC and the UAE joined<\/a> the \u201cBridge\u201d project for national digital currencies, launched by the Hong Kong and Thai regulators.<\/p>\n

China has been testing the digital yuan for three years. As of 2021 the volume of transactions with the asset reached<\/a> 87.57 billion yuan (~$13.68 billion), with 261 million unique digital wallets registered.<\/p>\n

In September 2022, authorities expanded the pilot program<\/a> to Sichuan, Hebei, Jiangsu and Guangdong provinces.<\/p>\n

Later, participants in a hearing of the US House Committee on Financial Services voted to develop<\/a> a national \u201cstablecoin\u201d or digital dollar, citing competition from China.<\/p>\n

Read ForkLog Bitcoin news in our Telegram<\/a> \u2014 news on cryptocurrencies, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"

From the fourth quarter of 2022, Hong Kong authorities will begin testing the retail central-bank digital currency (e-HKD). The report comes from the South China Morning Post.<\/p>\n","protected":false},"author":1,"featured_media":67491,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,832],"class_list":["post-67490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-hong-kong"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/67490","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=67490"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/67490\/revisions"}],"predecessor-version":[{"id":67492,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/67490\/revisions\/67492"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/67491"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=67490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=67490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=67490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}