Deputy Chief Executive of the Hong Kong Monetary Authority: No third phase of the Digital Hong Kong Dollar Pilot Program is expected yet, and the results of the second phase will be announced before the end of next year

The Hong Kong Monetary Authority has announced the launch of the second phase of the Digital Hong Kong Dollar Pilot Program, which is expected to take twelve months. The Deputy Chief Executive of the Hong Kong Monetary Authority, Howard Lee, said that there is no expectation of a third phase for the time being, and he hopes that the benefits and efficiency of the issuance can be grasped in detail in the second phase. As for when the decision on whether to launch the digital Hong Kong dollar will be made, Howard Lee said that it is impossible to predict when the decision will be made. It depends on the results of the twelve-month test, whether the problems have been solved, whether other problems have emerged, etc., before deciding whether to launch the digital Hong Kong dollar. He frankly said that there is no forward-looking forecast of what will happen in twelve months. In addition, Howard Lee explained that the first and second phases of the Digital Hong Kong Dollar Pilot Program are not a selection relationship. At present, different places are testing digital currencies. Technology will continue to move forward, all providing an environment to test unknown scenarios in Hong Kong. The Hong Kong Monetary Authority plans to share the main results of the second phase with the public by the end of next year. (Hong Kong Economic Journal)