Hong Kong Launches Innovative Sandbox for Wholesale Central Bank Digital Currency Development

Hong Kong Launches Innovative Sandbox for Wholesale Central Bank Digital Currency Development



The regulatory authority in Hong Kong has revealed the establishment of a testing environment specifically for a wholesale central bank digital currency (CBDC).



Under the banner of Project Ensemble, the Hong Kong Monetary Authority (HKMA) is introducing a sandbox aimed at the development of a wholesale CBDC (wCBDC). This digital currency functions as a medium for financial transactions among banks and serves as a digital reserve for the central bank.



The initiative seeks to explore "advanced financial market infrastructures" to enhance the efficiency of interbank settlements through tokenized payment methods, starting with the deposit aspect.



Since 2021, the Hong Kong administration has been formally exploring the concept of a wCBDC. The HKMA has conducted two rounds of consultations with the market regarding the issuance of a


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#CBDC, #Cryptocurrency, #Cryptomarket, #Cryptonewstoday, #HongKong, #News, #Regulations

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