The Hong Kong Monetary Authority will launch a digital currency project, with Microsoft and Ant Digital participating in the construction

According to news from this website on March 8, the Hong Kong Monetary Authority (HKMA) announced on March 7 the launch of a new wholesale level central bank digital currency (wCBDC) project Ensemble, to support the development of Hong Kong’s tokenization market.

The announcement stated that the new project aims to develop innovative financial market infrastructure and smoothly conduct interbank settlement of tokenized currencies through wCBDC. The project will initially focus on tokenized deposits, which are commercial bank deposits in digital form issued and provided to the public by commercial banks. On the basis of wCBDC, tokenized deposits can be used for tokenized asset transactions, creating opportunities for optimization and innovation in the tokenization era. This site has noticed that the focus of the Ensemble project is the

wCBDC "Sandbox"

that the Monetary Authority will launch this year. The "Sandbox" will further research and test tokenization use cases, including tokenization. Tokenizing the settlement of real-world assets (such as green bonds, voluntary emission reductions, aircraft, electric vehicle charging stations, electronic bills of lading and treasury management) is more likely to develop into new financial market infrastructure as tokenization in transactions A bridge between real-world assets and tokenized currencies. To promote the development of industry standards and strategies to keep pace with the times, the HKMA will establish a wCBDC architecture working group composed of local and multinational banks, major players in the digital asset industry, technology companies and CBDC expert groups. According to Sina Technology,

people familiar with the matter said that companies such as Microsoft and Ant Digital will join the group

. The Ensemble project is a series of measures taken by the Hong Kong Monetary Authority to promote the development of the tokenized market (including the "

Digital Hong Kong Dollar

" project, and mBridge2, in cooperation with the Hong Kong Center under the Bank for International Settlements Innovation Hub. Dynamo3 and Genesis4 projects). The project also builds on the HKMA’s tokenized deposit use case trials with HSBC, Hang Seng Bank and Ant Group in 2023. The HKMA will invite relevant international stakeholders, including other central banks and organizations, to participate in future experiments and research in the wCBDC “sandbox”.

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