Hong Kong Monetary Authority Chief Technology Officer: The digital Hong Kong dollar pilot program will enter its second phase next year

ChainCatcher news, according to Hong Kong 01, the Chief FinTech Director of the Hong Kong Monetary Authority, Zhou Huiqiang, stated at the "FinTech Forward Seminar" that the development of digital currency in Hong Kong is not lagging behind. The digital Hong Kong dollar is not intended to replace existing electronic payment tools, but rather to complement them. The Monetary Authority's implementation of the digital Hong Kong dollar will not be done in isolation; it will definitely involve research with other private institutions.

The pilot program for the digital Hong Kong dollar has completed its first phase. Zhou Huiqiang believes that the digital Hong Kong dollar can add significant value to the retail payment ecosystem, including programmability, tokenization, and instant settlement, to promote faster, more cost-effective, and inclusive new economic activities, such as transactions in Web3. The second phase of the pilot program will be conducted next year, aiming to explore new use cases with the industry.