Cryptocurrencies have recently been popular around the globe which gave birth to an idea for the government to launch their own digital currency. CBDC (Central Bank Digital Currency) has recently been popular interest around the globe within the central banks and the governments.

The Hong Kong Monetary Authority (HKMA) recently in June, announced their intentions about launching their own CBDC to jump onto the digital coin bandwagon. This token will be known as e-KHD (electronic Hong Kong dollar). As per reports from various organisations, the regulatory body is planning to test the e-KHD in the coming months, to understand the tokens in every aspect before mass launch.

The test of the CBDCs of Hong Kong will be supported by the building of necessary digital infrastructure as well as the adoption of legislative amendments was assured. The pilot programme is expected to begin later this year.

HKMA deputy chief executive Howard Lee mentioned that while the e-HKD may not have an impending effect use case, the pilot’s findings will serve the HKMA route its way for proper application and a launch in the future.

In the meantime India is also planning to implement its own CBDC, the Digital Rupees. Reserve Bank of India (RBI) Deputy Governor T Rabi Shankar, himself confirmed in June that a CBDC will be launched this year.The RBI first announced that it was working on its own digital currency in July last year.