Hong Kong Monetary Authority (HKMA) has established a central bank digital currency (CBDC) expert group today and signed a memorandum of understanding with five local universities. Scholars from the five universities will participate in the research work of the expert group, and members will participate in a personal capacity. The group also brings together experts from multiple fields related to HKMA's CBDC research, covering business, computer science, economics, finance, and law. HKMA said that it hopes to promote cooperation and knowledge exchange with the academic community in CBDC research through the establishment of an expert group. The group will assist HKMA in researching major policy and technical issues related to CBDC, provide opinions and training on financial technology-related issues for HKMA, and hold seminars. The five local universities participating in the expert group include Chinese University, City University, Polytechnic University, Science and Technology University, and the University of Hong Kong. HKMA said that it will consider inviting overseas university scholars to participate in the future. The expert group has begun writing two research papers, the first of which is related to the privacy issues of CBDC, and the second explores the interoperability of CBDC. Lee Tat Chi, Deputy Chief Executive of HKMA, said that this cooperation will jointly explore the major policy and technical issues of CBDC at the wholesale and retail levels. The expert group will play an important role in assisting Hong Kong in consolidating its position in the field of CBDC research.

The European Central Bank (ECB) has announced that it will begin the preparation phase for the digital euro project, which will last for two years. The ECB plans to lay the foundation for the possible issuance of a central bank digital currency (CBDC) beginning on November 1, but the decision to issue a digital euro will only be considered by the Governing Council once the European Union's legislative process has been completed. The preparation phase will focus on finalizing rules for the digital currency and selecting possible issuers, followed by testing and experimentation in accordance with user feedback and requirements under the central bank. The rollout of any digital euro is likely to attract the attention of regulators and policymakers, who will have their election for the European Parliament in June 2024.

European Central Bank (ECB) has launched a survey for potential participants in its wholesale central bank digital currency (wholesale CBDC) experiment to measure interest in participation. The bank plans to hold an official conference call this quarter. Potential participants need to respond to the survey by the end of October. These experiments are not only for digital euros, but also for wholesale financial transactions using distributed ledger technology (DLT). The specific timetable is yet to be determined, but the first round of experiments is planned for the second quarter of 2024, and the second round will be conducted in the third quarter of 2024.

Former Taiwan Premier and current Chairman of the New Generation Financial Foundation, Chen (Chong), has once again made suggestions regarding the development of digital currencies. Chen (Chong) stated that advanced countries have already started or are selectively laying out digital assets, and that the government can set up an office to address digital asset issues, quickly catching up with stablecoin plans in advanced countries, and then supplementing with CBDC if there is capacity. If other virtual assets can be resolved along the way, it would be a great accomplishment.

China's foreign exchange regulator, Lu Lei, has suggested that programmable features in central bank digital currencies (CBDCs) could transform monetary policy. These features could elevate CBDCs from a mere cash in circulation to incorporating deposits and savings, potentially reshaping the global financial landscape. Lu Lei believes that the People's Bank of China (PBOC) will be at the forefront of exploring these programmable features, enabling the bank to manage the macroeconomy. China has already initiated practical steps in cross-border CBDC utilization, with transactions using China's e-CNY reaching a significant milestone of 1.8 trillion yuan.

China has opened its first industrial park dedicated to the development of the digital yuan ecosystem in the Luohu district of Shenzhen. The park has nine residents and the district government has announced ten initiatives to boost the development of the digital yuan ecosystem, including payment solutions, smart contracts, hard wallets and digital yuan promotion. Incentives are being offered to residents, including up to three years' free rent, and commercial banks can receive up to 20 million yuan ($2.7 million) for settling there, while startups are eligible for up to 50 million yuan ($6.9 million).

Mastercard has successfully completed a pilot project with the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre to test the use of central bank digital currencies (CBDCs) by authorized parties who have undergone know-your-customer protocols. The project also tested the ability of a holder to purchase an Ethereum-based NFT by locking the pilot CBDC and minting an equivalent amount of Ethereum-based wrapped coins. Mastercard's Australasia division president, Richard Wormald, said that the technology has the potential to drive more consumer choice and unlock new opportunities for collaboration between public and private networks in the digital currency space. The pilot was conducted in partnership with Australian financial services firm Cuscal and blockchain tech firm Mintable, and is part of Mastercard's ongoing CBDC ambitions, which include operating as a private-sector partner for CBDCs and forming a CBDC program with Ripple and Consensys.

Bank of Korea (BoK) revealed that it will collaborate with the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) to develop a wholesale CBDC. It is expected that the two entities will jointly release a CBDC usability test promotion plan in the coming weeks. Lee Myung-soon, the first vice chairman of the FSS, stated that the Bank of Korea has been committed to researching CBDC-related technology.

A Bank of Canada discussion paper has highlighted the challenges central banks face in creating a universally accessible central bank digital currency (CBDC) that boosts financial inclusion. The paper identifies three types of inclusion necessary for a universally accessible payment method: financial inclusion, digital inclusion and practical accessibility. The authors of the paper suggest that private financial institutions may not have an incentive to address the needs of those who are underserved. The challenge is in the delivery of services, rather than the nature of CBDC itself, the authors stated.

Anatoly Aksakov, Chairman of the Financial Market Committee of the State Duma of Russia, stated that domestic companies will use the digital ruble, the country's CBDC, in Latin America no later than 2025.