TechFlow news, October 28 — According to the Hong Kong Economic Times, the Hong Kong Monetary Authority (HKMA) released its "Second Phase Report on the Digital Hong Kong Dollar Pilot Programme," concluding 11 trials and announcing key outcomes. The trial results show that digital Hong Kong dollars and tokenized deposits can enable cost-effective, programmable, and robust transactions, delivering benefits to users.
The HKMA believes current demand for digital Hong Kong dollars lies primarily outside retail scenarios; therefore, it will prioritize developing "wholesale-level" applications, advancing the use of digital Hong Kong dollars in interbank payments. Financial institutions are already utilizing digital Hong Kong dollars within tokenized ecosystems and cross-border payment use cases, such as international trade settlements.
The HKMA will continue advancing preparatory work on policy, legal, and technical fronts, with these efforts expected to be completed by the first half of 2026. Meanwhile, the HKMA will publish a set of common tokenization standards to promote broad applications of programmability in digital currencies, laying the foundation for the future development of the digital Hong Kong dollar.
