Recently, the Hong Kong Monetary Authority (HKMA) announced that the Hong Kong Dollar in Numbers (e-HKD) pilot program has reached its second phase, and the project has been expanded to be called the e-HKD+ program, which covers 11 usage scenarios, mainly involving the application of Central Bank Digital Currency (CBDC) and Tokenized Deposits, with a total of 21 financial institutions participating in the program, and this phase is a sandbox test, which is expected to last for one year.
The Hong Kong Dollar Digital (e-HKD) is linked to Hong Kong's fiat currency (Hong Kong Dollar). Currently, e-HKD+ is planned to focus on three application directions, namely "Tokenized Asset Settlement, Programmable and Offline Payments.
The program will start in 2021, with a second phase to be launched in March 2023, and applications for participation will be accepted in May of the same year. The HKMA also announced that it will set up an "e-HKD Industry Forum", which will provide a forum for project participants to discuss issues and set up a working group to address specific issues, with programmability of e-HKD as the primary goal.
In addition, the HKMA is also opening up applications to participate in the Generative AI Sandbox, which will be operated in conjunction with Hong Kong's Cyberport, a technology start-up park. The program focuses on the application of AI in the financial sector, as well as on risk control and fraud prevention, thereby enhancing the user experience.
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