HKMA Completes Second Phase of e-HKD Pilot Programme (HKMA)
The Hong Kong Monetary Authority (HKMA) has completed the second and last phase of its e-HKD central bank digital currency (CBDC) pilot program. It evaluated the commercial viability and scalability of an e-HKD in various retail scenarios and compared it with tokenized deposits, structured around three themes: (i) settlement of tokenised assets, (ii) programmability, and (iii) offline payments. The results showed that an e-HKD can deliver benefits such as cost-efficient, programmable, and resilient transactions. One of the key takeaways was that, for retail end users, including merchants, consumers and individual investors, the difference between an e-HKD and tokenized deposits is not immediately clear, particularly in the context of routine payment transactions. Hence, the HKMA concluded that the immediate priority for the e-HKD lies in wholesale payments, and going forward it will prioritize the development of the tokenization ecosystem and cross-border payments. [Source: HKMA]
eCurrency to Pilot Central Bank Digital Currency Solution in Madagascar (eCurrency)
eCurrency Mint is set to begin an eAriary CBDC pilot in Madagascar. The project aims to introduce a digital version of the Ariary currency, leveraging eCurrency’s DSC3 technology to enable secure and efficient transactions. The solution is designed to integrate seamlessly into Madagascar’s existing financial ecosystem, and will be piloted in partnership with PayLogic SA to align with the “specific requirements of the Banky Foiben’i Madagasikara”. However, it is unclear to what extent the central bank itself is involved. [Source: PR Newswire]
Upcoming Speaking Engagements:
The Cedi@60 Anniversary Currency Conference (Accra, Ghana, November 17-20) hosted by the Bank of Ghana, in partnership with Currency Research, will celebrate 60 years of the Ghanaian Cedi, bringing together leaders from across Africa and beyond to reflect on the currency’s legacy and chart its digital future. Learn about Ghana’s eCedi pilot and the future of sovereign digital currencies in Africa, and engage with innovators driving mobile money, QR code payments, and financial inclusion across the region. [Register here and get 15% off by using the Kiffmeister15 code!]
The Digital Euro Conference 2026 (Frankfurt, March 26) will explore the future of money with a focus on CBDCs, stablecoins, and commercial bank tokens. This hybrid event offers the perfect platform to understand the future of digital money! [Register here and get 20% off the regular ticket price by using the Kiffmeister20 code!]
I produce a monthly digest of digital fiat currency (DFC) developments exclusively for the official sector (e.g., central banks, ministries of finance and international financial institution (e.g., the BIS, IMF, OECD, World Bank)) plus academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) It goes out via email on the first business day of every month, and if you’re interested in being on the mailing list, please email me at john@kiffmeister.com.
