According to Odaily Planet Daily, the Hong Kong Monetary Authority has announced the launch of the second phase of the Digital Hong Kong Dollar Pilot Program, which is expected to take twelve months. David Lee, deputy chief executive of the Hong Kong Monetary Authority, said that there is no expectation of a third phase for the time being.

Regarding when to decide whether to launch the digital Hong Kong dollar, Lee Dak-chi said that it depends on the results of the twelve-month test, whether the problems have been resolved, whether other problems have emerged, etc., before deciding whether to launch the digital Hong Kong dollar.

Lee Dak-chi explained that the first and second phases of the Digital Hong Kong Dollar Pilot Program are not a selection relationship. Technology will continue to move forward, and both provide an environment to test unknown scenarios in Hong Kong. The HKMA plans to share the main results of the second phase with the public by the end of next year.