Bank of China Hong Kong is moving ahead with its Central Bank Digital Currency (CBDC) project and has completed another phase of digital Hong Kong dollar testing.
Summary
- Bank of China Hong Kong has completed another phase of its digital HKD tests.
- More than 1,500 transactions were tested using a fake e-HKD voucher.
For local media on August 5, Bank of China Hong Kong has wrapped the second stage of testing for Digital Hong Kong Kong Dollar, E-HKD. This phase focuses on two uses how to evaluate the digital current currency couch in real-overdose scannerios.
Given the tests, a integrated digital wallet was released to about 500 participants after completing the identity verification. BOCHK’s own coalition on blockchain was associated with many mobile banking applications for easy access and management.
The users then imitated the Digital HKD voucher, which they spent at local coffee shops, complaining of over 1,500 testing transactions. Each transaction requires digital signature from both users and banks.
The latest round of tests follows the first batch of pilots last year, where possible cases of possible use were tested in six categories. This included complete and programable payments, such as government grant grant disbursement, offline deposits, tokens, and disposal of ‘web 3’ tridized assets.
The HKMA stated that it would continue to cooperate with stakeholders to study Casey, the powerful use of E-HKD, as well as the challenges and concerns related to its implementation and the design of its potential launch.
What is e-HKD?
Unveiled in 2023, Digital Hong Kong Dollar (E-HKD) is a central bank Digital Currency (CBDC) project led by Hong Kong Monetary Authority (HKMA). It is part of a comprehensive initiative called “Digital HKD Plus”, aimed at practical use of digital money in real -life settings, from retail payment to program finance.
If the roll is out, the e-HKD will become a payment method in this field, which is available for individuals, businesses and financial institutions. While no formal launch date has been set, the magic of the success of two scheduled pilots leads a motor to implementation.
Beyond CBDCs, Hong Kong is also releasing stablecoins privately. The first Stabelcoin Bill in the field of history came into force officially on August 1, establishing an integrated licensing and regulation system to release Fiat-demonated stabecrims in the local industry.
Meanwhile, the government also issued a secret statement on digital assets, targeting major areas such as regulation and local adoption, as part of its widespread push for building a full digital ecosystem.