Chief Technology Officer of the Hong Kong Monetary Authority: The digital Hong Kong dollar pilot plan will enter the second phase next year

On November 19th, Hong Kong Monetary Authority's Chief Fintech Officer, Huie Strong Chau, stated at the "Fintech Forward-looking Seminar" that the development of Hong Kong's digital currency is not lagging behind and the digital Hong Kong dollar is not meant to replace existing electronic payment tools, but rather to complement them. The Monetary Authority will not work in isolation in promoting the digital Hong Kong dollar, and will definitely conduct research with other private institutions. The digital Hong Kong dollar pilot program has completed its first phase, and Huie Strong Chau believes that the digital Hong Kong dollar can add significant value to the retail payment ecosystem, including programmability, tokenization, and real-time settlement, to promote faster, more cost-effective and inclusive transactions, benefiting new economic activities such as Web3 transactions. The second phase of the pilot program will be conducted next year, and we hope to discover new use cases with the industry.