“Although the HKMA has not yet made a decision on whether to introduce e-HKDs at all, we are pleased to begin the pilot program,” said HKMA Executive Director Eddie Yue.
The official added that working with major financial market players could help “maximize the authorities’ willingness to launch CBDC.”
Earlier in May, the HKMA warned: cryptocurrency companies can’t expect any indulgence from regulators despite the region’s aspirations to become a digital currency hub.
Hong Kong’s central bank has long promised to pay special attention to regulating stablcoins, drafting rules to protect investors’ rights.
Authorities have said that staplecoins are just as at risk as cryptocurrencies, but they are more firmly woven into the system of traditional finance, which could destabilize it.