Fun

News Feed - 2023-10-31 03:10:24

Arijit Sarkar2 hours agoHong Kong advances CBDC pilot, bringing e-HKD trials to phase 2Phase one was dedicated to full-fledged payments, programmable payments, offline payments, tokenized deposits and the settlement of Web3 transactions and tokenized assets.664 Total views7 Total sharesListen to article 0:00NewsJoin us on social networksThe Hong Kong Monetary Authority (HKMA) is gearing up for the second phase of its e-HKD (e-Hong Kong dollar) pilot program after it announced the successful completion of the phase one trial of its in-house central bank digital currency (CBDC). 


The HKMA launched the e-HKD pilot program in November 2022 to evaluate the commercial viability of an in-house CBDC as part of its “Fintech 2025” strategy. Phase one was dedicated to studying e-HKD in six areas: full-fledged payments, programmable payments, offline payments, tokenized deposits and settlement of Web3 transactions and tokenized assets.Summary of pilots by category and participants. Source: hkma.gov.hk


Detailing the findings of the e-HKD phase one trial, the HKMA report highlighted programmability, tokenization and atomic settlement as three key areas where Hong Kong’s CBDC could benefit consumers and businesses.e-HKD specimens issued by three note-issuing banks. Source: hkma.gov.hk


The report read:“The next phase of the e-HKD pilot program will build on the success of Phase 1 and consider exploring new use cases for an e-HKD.”


The HKMA plans to “delve deeper” into some use cases that showed promising CBDC applications in the phase one trial. Technical considerations show an inclination toward using distributed ledger technology-based design considering its interoperability and scalability capabilities.Three-rail approach for the potential implementation of an e-KHD. Source: hkma.gov.hk


As shown above, Hong Kong’s CBDC program comprises a three-rail approach: foundation layer development, industry pilots and iterative enhancements, and full launch. Currently, at its second rail, the e-HKD program trial is supported by public and private organizations to ensure commercial viability for both parties.


HKMA said it will also continue to work on rail one initiatives, such as laying the legal and technical foundations for the e-HKD.


Related:Hong Kong lawmaker wants to turn CBDC into stablecoin featuring DeFi


Alongside localized efforts for CBDCs, numerous central and commercial banks joined hands under Project mBrigde to explore solutions for faster, cheaper and more transparent cross-border payments.


On Sept. 25, HKMA CEO Eddie Yue revealed that mBridge would expand and be commercialized as it welcomed new banking members from China, Hong Kong, Thailand and the United Arab Emirates.


“We are expecting to welcome more fellow central banks to join this open platform. And very soon, we will launch what we call a minimum viable product, with the aim of paving the way for the gradual commercialization of mBridge,” Yue added.


Magazine:Ethereum restaking: Blockchain innovation or dangerous house of cards?# Dollar# Hong Kong# China# Business# Central Bank# Adoption# CBDCAdd reactionAdd reactionRead moreUK’s FinProm a welcome change, but challenge persists — Transak compliance headTerrorist fundraising: Is crypto really to blame?Hong Kong could be a ‘tailwind’ for lagging crypto activity in Asia — Chainalysis

News Feed

Ethereum Long-Term Holders Show Signs Of Capitulation – Prime Accumulation Zone?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Dogecoin Adam & Eve Structure Hints At Bullish Potential – Can DOGE Breakout?
Este artículo también está disponible en español. Dogecoin is trading at critical supply levels as the broader crypto market begins to show signs of life. Over the past f
Britain Announces Plans for ‘Robust’ Crypto Rules, Launches Consultation
Britain Announces Plans for ‘Robust’ Crypto Rules, Launches Consultation The U.K. has unveiled “ambitious plans” to “robustly regulate” various crypto activities, while
$31M Neiro project on Ethereum ‘is a honeypot’ — Wazz
Tristan Greene4 hours ago$31M Neiro project on Ethereum ‘is a honeypot’ — WazzIt’s unclear at this time whether illicit activity has taken place, but a series of red flags has brought the token under scrutiny.171
US prediction market Kalshi to take bets on Bitcoin and Ether
Helen Partz12 hours agoUS prediction market Kalshi to take bets on Bitcoin and EtherCFTC-regulated prediction market Kalshi will allow users to place bets on when Bitcoin will hit $100,000 and whether it will reach $150,
Brayden Lindrea7 hours agoNorth Korean crypto hacks down 80%, but that could change overnight: ChainalysisCrypto bad actors from the Democratic People’s Republic of Korea have stolen $340.4 million in 2023, down from $
Lykke crypto exchange acknowledges hack after halting withdrawals
Christopher Roark4 hours agoLykke crypto exchange acknowledges hack after halting withdrawalsThe Lykke team acknowledged that they halted withdrawals after an attack drained $22 million in crypto from its wallets on June
Russia Can’t Do Without Cross-Border Crypto Payments, Consensus Reached
Russia Can’t Do Without Cross-Border Crypto Payments, Consensus Reached Key government institutions have agreed that Russia needs to legalize crypto payments for international se
Turner Wright2 hours agoCFTC commissioner calls for crypto regulatory pilot programCommissioner Caroline Pham called for the pilot program to kick off with a stakeholder roundtable and for the CFTC to propose and adopt r
Ezra Reguerra11 hours agoMining service provider faces $100M lawsuit over pyramid scheme allegations in ChinaProsecutors alleged that the executives of a Filecoin mining project orchestrated an elaborate pyramid scheme a
Earn by Holding USDCoin in V2 of the BlockBank Application
Earn by Holding USDCoin in V2 of the BlockBank Application sponsored BlockBank will be enabling its users to earn interest on the stablecoin USD Coin (USDC), with rates up to 60x th
Analyst Shares Bitcoin Cheat Sheet Showing When The Bull Run Begins
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu