According to PANews, the official website of the Hong Kong Monetary Authority (HKMA) announced the launch of the second phase of the "Digital Hong Kong Dollar" pilot program to explore new types of digital currencies for use by individuals and businesses, including "Digital Hong Kong Dollar" and tokenized deposits.

The project name was changed to "Digital Hong Kong Dollar Plus" to reflect the broader exploration of the digital currency ecosystem. The 11 selected institutions will conduct innovative use case research in three major areas: tokenized asset settlement, programmability and offline payment.

This phase of research will help the HKMA understand the design and operational issues that may be faced in a public-private coexistence digital currency ecosystem.