Hong Kong Monetary Authority: Preparatory work for promoting the digital Hong Kong dollar to personal use is expected to be completed in the first half of next year

According to Foresight News, according to Zhitong Finance Network, the Hong Kong Monetary Authority released the second phase report of the "Digital Hong Kong Dollar" pilot plan to introduce the test results and experience. The Hong Kong Monetary Authority stated that it will continue to advance preparatory work in policy, legal and technical aspects in the future to prepare for the possibility that Hong Kong will promote the "digital Hong Kong dollar" for personal and corporate use in the future. Relevant preparatory work is expected to be completed in the first half of 2026, and the timing of expanding the "Digital Hong Kong Dollar" will be adjusted based on international developments, the latest technological developments and market demand.

The report shows that the 11 sets of experiments in the second phase cover three major theme innovative use cases, including tokenized asset settlement, programmability and offline payment. The Hong Kong Monetary Authority stated that the current demand for "Digital Hong Kong Dollar" is concentrated outside retail scenarios. Therefore, in the future, it will prioritize the development of "Digital Hong Kong Dollar" at the wholesale level and promote the use of "Digital Hong Kong Dollar" for payments by financial institutions. Some financial institutions have already used "Digital Hong Kong Dollar" in some use cases to support the development of tokenized ecosystems and cross-border payment scenarios, such as international trade settlement. The Hong Kong Monetary Authority will announce a set of common tokenization standards to promote the widespread application of digital currency programmability. These standards aim to lay the foundation for the future development and application of the "digital Hong Kong dollar" to meet the payment needs of Hong Kong individuals and businesses.

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