The Hong Kong Monetary Authority (HKMA) has launched Project Ensemble, a pioneering initiative aimed at developing the digital asset framework through a wholesale central bank digital currency (CBDC). This project is designed to establish a strong financial infrastructure that facilitates the seamless settlement of tokenized assets between banks using a wholesale CBDC.
Project Ensemble will initially focus on digital representations of commercial bank deposits issued by banks and accessible to the public for tokenized asset transactions. The HKMA plans to launch a sandbox platform by June 2023 to test tokenization use cases like green bonds, carbon credits, and supply chain assets.
The HKMA is collaborating with HashKey, a digital asset financial services group, on Project Ensemble. It will also form a wCBDC Architecture Community with local and multinational banks, industry players, and its CBDC Expert Group to develop standards and strategy.
HKMA Chief Executive Eddie Yue welcomed global talent and firms to join Hong Kong’s tokenization journey, underscoring its embrace of innovation and international cooperation in digital assets.
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