The HKMA’s latest CBDC project will look at tokenized deposits in tokenized asset transactions.
The 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:
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.
