The HKMA has announced the commencement of “Project Ensemble”, a new wholesale Central Bank Digital Currency (#wCBDC) project to further support the tokenisation market in Hong Kong. Initially focusing on tokenised deposits, the project will explore innovative financial market infrastructure to facilitate seamless interbank settlements of tokenised money.
With wCBDC as the foundation, tokenised deposits have the potential to be used for tokenised asset transactions, unlocking new opportunities for optimisation and innovation.
Key project components:
🛠️ wCBDC Sandbox: A testing environment for various innovative tokenisation use-cases, like settling tokenised real-world assets with tokenised deposits. Examples include green bonds, carbon credits, aircraft and EV charging stations, electronic bills of lading, treasury management, and more.
🤝wCBDC Architecture Community: A collaborative working group involving banks, digital asset industry leaders, technology companies, and the CBDC Expert Group to define industry standards, provide technical guidance and conduct tests in the wCBDC Sandbox. The HKMA will continue to partner with Cyberport and Hong Kong Science and Technology Parks Corporation to foster the development of asset tokenisation and support homegrown fintech innovation.
The result could potentially develop new infrastructure for the financial market that bridges the existing gap between tokenised real world assets and money in transactions.
This is key part of the HKMA’s broader strategy to support the tokenisation market, complementing existing efforts such as the e-HKD project and the collaboration with Bank for International Settlements – BIS Innovation Hub Hong Kong Centre on initiatives like #mBridge, #Dynamo, and #Genesis. 🟡
Read the press release to learn more: https://lnkd.in/grugiyKx
#CBDCs #wCBDCsandbox #wCBDCArchitectureCommunity #DigitalPayment #Tokenisation
CEO, Asia Insight Circle & Co-Founder, Perception Counsel
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