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Hong Kong’s Central Bank Announces New Wholesale CBDC Project to Support Tokenization Market

Hong Kong's central bank announced the start of a wholesale central bank digital currency (wCBDC) project to support the development of the tokenization market. Project Ensemble will "seek to explore innovative financial market infrastructure (FMI) that will facilitate seamless interbank settlement of tokenized money through wCBDC," with an initial focus on tokenized deposits. Hong Kong has been exploring wholesale CBDCs since 2017 and "officially" began researching one for retail payments in 2021. The HKMA has already conducted two rounds of market consultations on issuing a digital Hong Kong dollar (e-HKD). The project will see the creation of a "wCBDC Architecture Community".


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