Hong Kong to Conduct Trials of its Own Digital Currency
Main page News, China

The Hong Kong authorities will start testing a retail central bank digital currency (e-HKD) from Q4 2022, the South China Morning Post has reported.

Two rounds of public consultations on demand, confidentiality and potential risks associated with the asset have previously been held.

During a briefing on September 20, the Hong Kong Monetary Authority (HKMA) deputy chief executive Howard Lee noted many participants "expressed concern" that Hong Kong was lagging behind in launching a digital currency.

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He has added:

"While there may not be use cases for the e-HKD in the near future, based on our research and feedback, the HKMA will begin to pave the way for its implementation."

Individual banks, payment and technology companies will take part in the tests. The purpose of the digital Hong Kong dollar is to provide the customer with "greater choice."

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