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

VC Roundup: Blockchain-AI startups grab investors’ attention
Ana Paula Pereira4 hours agoVC Roundup: Blockchain-AI startups grab investors’ attentionThis edition of Cointelegraph’s VC Roundup features Lombard, Redacted, RedStone, Covalente, and more.960 Total views7 Total shar
Swiss Bank Sygnum Begins Storing Crypto With Taurus Group, Launches Staking Service
Swiss Bank Sygnum Begins Storing Crypto With Taurus Group, Launches Staking Service The Switzerland-based bank Sygnum has announced this week that the fintech fi
Gareth Jenkinson9 hours agoVisa taps into Solana to widen USDC payment capabilityThe global payments firm has expanded its stablecoin settlement capability to include USDC tokens issued on the Solana blockchain.2929 Tota
Craig Wright’s colleague tried to stop court case — He didn’t listen
Robert D. Knight10 hours agoCraig Wright’s colleague tried to stop court case — He didn’t listenChristen Ager-Hansen told Cointelegraph that he warned his former colleagues, including Craig Wright and financial bac
Tom Mitchelhill51 minutes agoBlockchain.com $110M funding round halves its 2022 valuation: ReportDespite new investment in the crypto exchange, Blockchain.com’s valuation has more than halved from its $14 billion peak.
Pro-XRP lawyer confident he can win senate bid, sets $1M campaign goal
Ciaran Lyons3 hours agoPro-XRP lawyer confident he can win senate bid, sets $1M campaign goalThe pro-XRP lawyer shared with his online following that he"s covered half of the campaign funds and asked if they could pitch
Finder’s Experts: Majority See Dogecoin Losing All Value — ‘It’s Time to Get out of DOGE’
Finder"s Experts: Majority See Dogecoin Losing All Value — "It"s Time to Get out of DOGE" A panel of crypto industry experts says now is the time to sell dogecoin. The majority o
Spanish Crypto Exchange 2gether Won’t Reimburse All Stolen Funds From the 2020 Hack
Spanish Crypto Exchange 2gether Won"t Reimburse All Stolen Funds From the 2020 Hack Spanish cryptocurrency exchange 2gether has announced that it won’t com
US Judge Orders Bitcoin Ponzi Operator Imprisoned for Ignoring Court Order to Pay SEC $40 Million
US Judge Orders Bitcoin Ponzi Operator Imprisoned for Ignoring Court Order to Pay SEC $40 Million A district judge has ordered a bitcoin Ponzi operator to be arrested and imprisone
Pundit Explains Why XRP Stands To Gain Big From Ripple’s RLUSD
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
Ethereum Macro Trend Oscillator Shows Green Might Be On The Horizon
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
Martin Young4 hours agoEMAX investors given third and final chance at celeb promo suitThe judge presiding over a class suit by EMAX token investors gave them a final chance to file their claims against celebrities who al