Hong Kong, through the Hong Kong Monetary Authority, has initiated the second phase of its Central Bank Digital Currency (CBDC) pilot, focusing on the exploration of the e-HKD's programmability, tokenization, and settlement processes. This phase follows the Authority's launch of a stablecoin issuer sandbox and the selection of projects for streaming development funding. The initiative aims to deepen understanding and capabilities in digital currency, marking a significant step in Hong Kong's fintech innovation and regulatory frameworks.