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Hong Kong Monetary Authority Forms Committee
The Hong Kong Monetary Authority (HKMA) has established a working committee to develop industry standards for wholesale Central Bank Digital Currency (CBDC) interoperability. The committee’s primary focus is to enable seamless interbank settlement of tokenized assets using wholesale CBDC (wCBDC).
Project Ensemble Architecture Community
Named Project Ensemble Architecture Community, this group will play a key role in implementing the Sandbox, set to be launched by mid-2024. The Sandbox will facilitate further research and testing of tokenization use cases, as highlighted by the HKMA.
Committee Members
The committee consists of experts contributing to the growth of the tokenization market in Hong Kong. Members represent a diverse range of sectors, including regulators, banks, academia, and crypto firms. Notable members include the HKMA, the Securities and Futures Commission, the Hong Kong branch of BIS Innovation Hub, the CBDC Expert Group, as well as private banks and firms like Hang Seng Bank, HSBC, Standard Chartered Hong Kong, HashKey Group, and Microsoft Hong Kong.
Project Ensemble and Hong Kong’s Financial Industry
Project Ensemble, a new wholesale CBDC introduced by the HKMA in March, aims to enhance Hong Kong’s dynamic financial sector. Eddie Yue Wai-man, Chief Executive of the HKMA, emphasized the city’s dedication to innovation and invited global industry experts to participate in tokenization efforts.
Phase 2 of e-HKD Pilot Program
Alongside Project Ensemble, the HKMA is also progressing with the e-HKD pilot program. In the second phase, industry participants are invited to propose potential use cases, focusing on programmability, tokenization, and atomic settlement of a digital Hong Kong dollar. The first phase of the program, concluded in October 2023, successfully tested e-HKD for various retail purposes, including programmable payments and offline transactions.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
