[Hong Kong Monetary Authority: Preparations for Promoting Digital Hong Kong Dollar for Personal Use Expected to Be Completed in the First Half of Next Year] According to Zhitong Finance, the Hong Kong Monetary Authority (HKMA) has released the second-phase report of the "Digital Hong Kong Dollar" pilot program, detailing experimental results and insights. The HKMA stated that it will continue advancing preliminary preparations in policy, legal, and technological aspects to prepare for the potential future promotion of the "Digital Hong Kong Dollar" for use by individuals and businesses in Hong Kong. These preparations are expected to be completed in the first half of 2026, while the timing for expanding the "Digital Hong Kong Dollar" will be adjusted based on international developments, advancements in technology, and market demand. The report reveals that the second phase included 11 experimental groups covering three major innovative use case themes: tokenized asset settlement, programmability, and offline payments. The HKMA noted that current demand for the "Digital Hong Kong Dollar" is concentrated outside retail scenarios, and therefore, future development will prioritize wholesale applications of the "Digital Hong Kong Dollar," focusing on enabling financial institutions to use it for payments. Some financial institutions have already utilized the "Digital Hong Kong Dollar" in certain use cases to support the development of tokenized ecosystems and cross-border payment scenarios, such as international trade settlement. The HKMA will introduce a set of shared tokenization standards to facilitate the widespread application of programmability in digital currencies. These standards aim to lay the foundation for the future development and application of the "Digital Hong Kong Dollar," addressing the payment needs of individuals and businesses in Hong Kong.