Hong Kong Monetary Authority: Hong Kong will start testing digital Hong Kong dollar from the fourth quarter

According to the South China Morning Post, Hong Kong Monetary Authority President Yu Weiwen said that the HKMA will launch a series of pilot programs with banks and technology companies to test the digital Hong Kong dollar (e-HKD) from the fourth quarter. These trials aim to find the best use of CBDC in Hong Kong. Yu Weiwen said in an interview, “Hong Kong’s e-retail payment system is already very diverse, very convenient and very cheap. If we want the public to adopt e-HKD, we need to have a suitable use case that can show the benefits of CBDC. The advantages are either more convenient or cheaper.”