Reimagining a Future Empowered by e-HKD

The world is evolving at a rapid pace, and the evolution of money has played a pivotal role in economic growth over the past decades. This joint report has been co-developed by industry leaders to explore a future where retail central bank digital currency (CBDC), tokenised deposits and stablecoins could potentially be well received as mediums of exchange in Hong Kong to facilitate the sale and purchase of goods and services in the future. With hands-on experience in the inaugural e-HKD Pilot Programme organised by the Hong Kong Monetary Authority (HKMA), first-hand perspectives from consumer surveys and industry interviews, as well as lessons learnt from other markets, this report aims to share the potential benefits and considerations of using new mediums of exchange, with a focus on retail CBDC.