Key Point

• In partnership with 16 banks and payments companies, the Hong Kong apex bank will commence the CBDC pilot using a handful of clients

One must be wondering why the world’s notable crypto firms have been hustling for a base in Hong Kong, like Sugar Ants rushing a cube of sugar to get their share. It is because of Hong Kong’s positive vibes for the digital economy.

On Thursday, the Hong Kong financial authorities announced a move to revolutionize the country’s financial system after many months of Hong Kong’s de facto central bank releasing a Whitepaper about the feasibility of a retail CBDC.

The Hong Kong Monetary Authority (HKMA) has announced the launch of a pilot program in partnership with some 16 financial institutions and payment companies to launch the digital version of Hong Kong currency, otherwise known as the electronic Hong Kong Dollar (e-HKD).

According to the release, the selected banks and payment companies will select a handful of their clients to see the potential uses of e-HKD. These potential use cases include online payments, payments in shops and restaurants, collecting government payouts, tokenized deposits, tokenized asset settlement, and Web3 trading and clearing.

The prominent financial institutions and payment companies are the state-owned Bank of China, Ant Group Alipay, Visa, China Construction Bank, Ripple, and HSBC, amongst others.

Although there is no conclusion about when the CBDC will be rolled out yet, yet, HMKA is excited to launch the program at this time, said Eddie Yue, chief executive of the HKMA, on Thursday evening at the launching ceremony at the de facto central bank’s office in Central.

A large percentage of the apex banks of various countries of the world is on the path to rolling out CBDC, the likes of Saudi Arabia, UAE, Brazil, and France amongst others are currently close to rolling out CBDC, with apex banks of countries like Nigeria and India already issuing CBDC.

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