Hong Kong CBDC: Banks to Decide How e-HKD Will Look Like. What does the future of the digital Hong Kong Dollar hold? The Hong Kong Monetary Authority (HKMA) is empowering banks to shape the e-HKD, its central bank digital currency (CBDC).
The HKMA's e-HKD pilot program is now underway, with sixteen banks and payment firms participating to explore the possibilities. This initiative is a key part of the HKMA’s “Fintech 2025” strategy, announced in 2025, which involves studying, experimenting, and piloting CBDCs through various projects. As part of the “Fintech 2025” strategy announced in 2025, the HKMA has been studying, experimenting on and piloting CBDCs through various projects at wholesale.
One crucial aspect is determining the architecture of the retail CBDC. The Hong Kong Monetary Authority (HKMA) has released a technical whitepaper on a retail central bank digital currency (CBDC), proposing an architecture that banks can build upon. A recent report from CoinDesk revealed that “at least one major bank” is inclined toward developing a digital Hong Kong Dollar on a permissioned blockchain.
The first phase of trials focused on programmability, tokenization, and atomic settlement, highlighting these as key areas for exploration. Detailing the findings of the e-HKD phase one trial, the HKMA report highlighted programmability, tokenization and atomic settlement as three key areas where innovation is possible.
The second phase promises even more significant progress. 24 de sept. de 2025 The second phase of the e-HKD pilot marks a significant step in Hong Kong’s journey to digitalize its monetary system. With heavyweight industry players backing the initiative, the potential implementation of the e-HKD is being carefully considered. Under the umbrella of HKMA’s three-rail approach to pave the way for the potential implementation of an e-HKD, being a retail CBDC in Hong Kong, the HKMA launched the e-HKD pilot to further refine the design and functionality of the digital currency.
In 2025, stemming from the research outcome of the wholesale CBDC projects and as part of the “Fintech 2025 strategy”, the HKMA launched Project e-HKD to delve deeper into the technical aspects and potential use cases. This collaborative effort between the HKMA and participating banks will ultimately decide how the e-HKD will look and function, shaping the future of digital finance in Hong Kong. Today the Hong Kong Monetary Authority (HKMA) unveiled its central bank digital currency (CBDC) pilot program for the e-HKD.