This next stage of research into digital currencies, such as e-HKD and tokenized deposits, is a strategic extension. The project's goal is to create a strong digital money ecosystem that has the potential to have a big influence on businesses and individual customers alike.

As part of the expanded and updated Project e-HKD+, eleven teams from various industries will research useful applications in three main domains: tokenized asset settlement, digital currency programmability, and offline payment capabilities. In addition to examining technological developments, this investigation will evaluate these virtual currencies' business potential in practical contexts.

The HKMA aims to promote cooperation amongst industry participants with the launch of an e-HKD Industry Forum. Discussions about prevalent problems and future developments in digital money technology will be facilitated by this forum, with a special emphasis on programmability-related concerns. Furthermore, the formation of working groups headed by industry professionals is expected to advance certain suggestions and approaches for broader implementation.

"Project e-HKD+ signifies the HKMA's commitment to digital money innovation," said Mr. Eddie Yue, Chief Executive of the HKMA, emphasizing the organization's dedication to this area. The e-HKD Pilot Programme has given the HKMA a great chance to investigate alongside the sector how new digital money models might benefit the public in a special way. In Phase 2, we are excited to collaborate closely with industry players to co-create a variety of creative use cases.

The HKMA intends to share the findings and insights with the public by the end of 2025. This phase of the project is scheduled to last for around a year. The knowledge gained from this stage will be essential in comprehending the real-world potential and difficulties associated with putting in place a scalable and efficient digital currency system.