Odaily News 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. The deputy chief executive of the HKMA, Howard Lee, said that there is no expectation of a third phase for the time being, and he hopes that the benefits and effectiveness of the issuance can be grasped in detail in the second phase. As for when the decision on whether to launch the digital Hong Kong dollar will be made, Howard Lee said that it is impossible to predict when the decision will be made. It depends on the results of the twelve-month test, whether the problems have been solved, whether other problems have emerged, etc., before a decision on whether to launch the digital Hong Kong dollar will be made. He frankly admitted that there is currently no forward-looking forecast of what will happen in twelve months. In addition, Howard Lee explained that the first and second phases of the Digital Hong Kong Dollar Pilot Program are not a screening relationship. Different places are currently testing digital currencies, and technology will continue to move forward, all providing 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. (Hong Kong Economic Journal)