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Home » Hong Kong initiates Project Ensemble to provide backing for tokenization using wCBDC.
Hong Kong initiates Project Ensemble to provide backing for tokenization using wCBDC.
Hong Kong initiates Project Ensemble to provide backing for tokenization using wCBDC.

Hong Kong initiates Project Ensemble to provide backing for tokenization using wCBDC.

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By admin on 2024-03-07 Regulations Security

The Hong Kong Monetary Authority (HKMA) has announced the launch of Project Ensemble, a groundbreaking initiative aimed at developing a wholesale central bank digital currency (wCBDC) to support tokenization. If there is enough interest, this project could lead to the issuance of a fully operational CBDC, the HKMA stated.

Project Ensemble will focus on creating an innovative infrastructure for interbank settlement using wCBDC. Its initial objective will be to tokenize deposits, specifically commercial bank money, for use in transactions involving tokenized assets. To kickstart the project, a sandbox will be established to conduct research and testing.

To ensure the success of Project Ensemble, the HKMA will establish a wCBDC Architecture Community, which will include both local and multinational banks, key industry players, and the HKMA’s CBDC Expert Group. The Expert Group, formed in October and comprising 11 academics from various fields and universities in Hong Kong, will provide valuable insights and expertise. Additionally, the HKMA intends to invite other central banks and international organizations to participate in this initiative.

“We extend a warm welcome to global talents and industry players to join us in Hong Kong and embark on this highly exciting tokenization journey,” said the Chief Executive of the HKMA.

Although the announcement did not mention the involvement of the Bank for International Settlements (BIS), it did reference the projects in which the HKMA is already participating, such as Projects mBridge, Dynamo, and Genesis, as well as the experiments conducted with local and Chinese banks. Notably, the HKMA conducted tests with HSBC and Hang Seng using their in-house CBDC, e-HKD, and collaborated with HSBC and Ant Group on a project exploring the use of tokenized deposits for fund transfers within the HSBC network.

In February, the HKMA issued guidance on the sale and distribution of tokenized products that are not regulated by the Hong Kong Securities and Futures Commission. Currently, the Commission is deliberating the establishment of a regulatory framework for stablecoins.

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