Fun

Hong Kong launches Project Ensemble to support tokenization with wCBDC

News Feed - 2024-03-08 03:03:49

Derek Andersen5 hours agoHong Kong launches Project Ensemble to support tokenization with wCBDCThe HKMA’s latest CBDC project will look at tokenized deposits in tokenized asset transactions.529 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe Hong Kong Monetary Authority (HKMA) will launch a project to create a new wholesale central bank digital currency (wCBDC) to support tokenization. Dubbed Project Ensemble, it could result in the issuance of a “live” CBDC if there is sufficient interest, the HKMA said in an announcement.


The project will center around innovative infrastructure for interbank settlement using wCBDC. Its initial focus will be on tokenized deposits, that is, tokenized commercial bank money, for use in transactions with tokenized assets. The first step in the project will be the creation of a sandbox that will research and test:“Tokenisation use cases that include, among others, settlement of tokenised real world assets (e.g. green bonds, carbon credits, aircraft, electric vehicle charging stations, electronic bills of lading and treasury management).”


The HKMA will also form a wCBDC Architecture Community that will consist of local and multinational banks, “key players,” and the HKMA’s CBDC Expert Group, which was formed in October and consists of 11 academics from a variety of fields and universities in Hong Kong. In addition, the HKMA will seek participation from other central banks and international organizations.


Related: Hong Kong allocates $383 million for Cyberport AI scheme


“We welcome global talents and industry players to come to Hong Kong and be part of this very exciting tokenisation journey,” HKMA chief executive said.Source: @hkmagovhk on X


The announcement did not indicate any involvement by the Bank for International Settlements, although it mentioned the BIS projects the HKMA is already participating in, such as Projects mBridge, Dynamo and Genesis, and experiments it has conducted with local and Chinese banks. Those include tests conducted in conjunction with HSBC and Hang Seng that were conducted using the bank’s e-HKD “in house” CBDC. HSBC and Ant Group took part in another project that looked at the use of tokenized deposits to transfer funds within the HSBC network.


The HKMA released guidance in February on the sale and distribution of tokenized products that are not regulated by the Hong Kong Securities and Futures Commission. The latter body is currently considering a regulatory framework for stablecoins.


Magazine: How the digital yuan could change the world… for better or worse# Hong Kong# Assets# Adoption# CBDC# RegulationAdd reactionAdd reaction

News Feed

Ethereum gas fees: Too low or too high? No one can decide
Omid Malekan8 hours agoEthereum gas fees: Too low or too high? No one can decideCritics who have a problem with volatile gas prices — on Ethereum or elsewhere — have the wrong vision for the future of crypto.717 Tot
Airdrop success propels Bitget wallet to second most popular in Japan
Zoltan Vardai12 hours agoAirdrop success propels Bitget wallet to second most popular in JapanWeb3 wallet usability remains a key hurdle for mass crypto adoption, according to Bitget Wallet’s chief operating officer.26
Weekend Market Action Sees Bitcoin Touch $24K, $1 Billion in Short Positions Liquidated
Weekend Market Action Sees Bitcoin Touch $24K, $1 Billion in Short Positions Liquidated Bitcoin and the crypto economy continue to see strong gains, as the price
Bitcoin breaches $60K for the first time in over 2 years
Zoltan Vardai10 hours agoBitcoin breaches $60K for the first time in over 2 yearsThe last time Bitcoin traded above $60,000 was in November 2021, shortly after it reached its all-time high. Is a “pre-halving retracemen
Nearly $1 Billion Poured Into Egypt’s Forex Market — Local Currency Now World’s Worst Performing Currency in 2023
Nearly $1 Billion Poured Into Egypt"s Forex Market — Local Currency Now World"s Worst Performing Currency in 2023 The Egyptian central bank recently claimed that its decision to
Bill Presented in Brazil Seeks to Include Crypto as Approved Means of Payment
Bill Presented in Brazil Seeks to Include Crypto as Approved Means of Payment A new bill presented in Brazil is trying to introduce bitcoin and other cryptocurrencies as an approve
‘Bitcoin Is Dead’ Google Searches Skyrocket, Bitcoin Obituaries Records 15 Deaths This Year
"Bitcoin Is Dead" Google Searches Skyrocket, Bitcoin Obituaries Records 15 Deaths This Year According to the Bitcoin Obituaries list, bitcoin has died 15 times in 2022, and the las
Avail closes $27M seed round led by Founders Fund, Dragonfly
Zoltan Vardai10 hours agoAvail closes $27M seed round led by Founders Fund, DragonflyAvail aims to use the funds to solve the fragmentation issues of the Web3 industry.4400 Total views1 Total sharesListen to article 0:00
‘Party Starters’: Stellar Event Sees Frank Discussion of Crypto Market Makers
MEXICO CITY — If a startup hopes to release a token without embarrassing itself in the early days, there is one important thing it should do: hire a market maker. That was the mes
Cardano Price Prediction: Analyst Says 80-90% Correction Is Over With 100% Jump Imminent
Este artículo también está disponible en español. The Cardano pricehas faced severe downward pressure compared to other cryptocurrencies in the past few weeks. ADA recent
Bitcoin price falls to 2-month low, but derivatives markets reflect traders’ interest
Marcel Pechman2 hours agoBitcoin price falls to 2-month low, but derivatives markets reflect traders’ interestBitcoin price is pinned below $60,000, but derivatives and stablecoin data show traders remain optimistic.17
Yellow Card Announces It’s Resuming Deposits and Withdrawals via the Naira
Yellow Card Announces It"s Resuming Deposits and Withdrawals via the Naira Yellow Card has announced the resumption of naira deposits and withdrawals in Nigeria via a statement fro