Bank AI

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 <a href="https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/03/20240307-5/" target="_blank" rel="noopener noreferrer nofollow">said</a> 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:
<blockquote>
 “Tokenisation use cases that include, among others, settlement of tokenised real world assets (e.g. green bonds, carbon credits, aircraft, electric vehicle charging stations, electronic bills of lading and treasury management).”
</blockquote>
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.
Related: <a href="https://cointelegraph.com/news/hong-kong-383-million-cyberport-ai-scheme" rel="noopener noreferrer nofollow">Hong Kong allocates $383 million for Cyberport AI scheme</a>
“We welcome global talents and industry players to come to Hong Kong and be part of this very exciting tokenisation journey,” HKMA chief executive said.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/731748d8-000b-47f6-9f81-2e59158a383c.png" alt="" title="">
 <figcaption style="text-align: center;">Source: @hkmagovhk on X
 </figcaption>
</figure>
The announcement did not indicate any involvement by the Bank for International Settlements, although it mentioned the BIS projects the HKMA is already participating in, <a href="https://cointelegraph.com/news/project-mbridge-details-workings-mvp-commercial-debut" rel="noopener noreferrer nofollow">such as Projects mBridge</a>, Dynamo and <a href="https://cointelegraph.com/news/bis-un-hong-kong-monetary-authority-concludes-tokenized-green-bonds-trial" rel="noopener noreferrer nofollow">Genesis</a>, and experiments it has conducted with local and Chinese banks. Those include tests <a href="https://cointelegraph.com/news/visa-completes-digital-hong-kong-dollar-pilot-test-cbdc-local-banks" rel="noopener noreferrer nofollow">conducted in conjunction with HSBC</a> and Hang Seng that were conducted using the bank’s e-HKD “in house” CBDC. HSBC and Ant Group <a href="https://cointelegraph.com/news/hsbc-ant-group-test-tokenized-deposits-under-hkma-sandbox" rel="noopener noreferrer nofollow">took part in another project</a> that looked at the use of tokenized deposits to transfer funds within the HSBC network.
The HKMA <a href="https://cointelegraph.com/news/hong-kong-hkma-issues-guidance-letters-institutions-tokenization-custody" rel="noopener noreferrer nofollow">released guidance in February</a> on the sale and distribution of tokenized products that are not regulated by the Hong Kong Securities and Futures Commission. The latter body is currently <a href="https://cointelegraph.com/news/dont-rule-out-algorithmic-stablecoins-crypto-council-tells-hong-kong" rel="noopener noreferrer nofollow">considering a regulatory framework</a> for stablecoins.
Magazine: <a href="https://cointelegraph.com/magazine/digital-yuan-adoption-payments-regulation/" rel="noopener noreferrer nofollow">How the digital yuan could change the world… for better or worse</a>

Hong Kong launches Project Ensemble to support tokenization with wCBDC

Cointelegraph

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