HKMA launches wholesale CBDC project to support tokenization, tokenized deposits
The Hong Kong Monetary Authority (HKMA) launched Project Ensemble to test using wholesale central bank digital currency (CBDC) to settle tokenized assets with tokenized bank deposits. Use cases will include settling tokenized green bonds, carbon credits, aircraft instruments, electric vehicle charging stations, and electronic bills of lading. To help set industry standards, the HKMA will form a “wCBDC Architecture Community” consisting of local and multinational banks, key digital asset industry players, and technology companies. [Read more at the HKMA]
BSP wholesale CBDC pilot to be completed by end 2024
Bangko Sentral ng Pilipinas (BSP) will reportedly complete its wholesale CBDC pilot that launched in September 2023, by the end of 2024. The BSP is testing out basic funds transfers between six participating banks, with plans to later test are higher value-adding services like securities settlement. [Read more at GMA News]
Reserve Bank of India in no hurry to launch e-rupee
The Reserve Bank of India (RBI) has reportedly set no specific timeline for the ‘full-fledged’ launch of its e-rupee. The RBI started its wholesale CBDC pilot on November 1, 2022 and the retail CBDC pilot on December 1, 2022. There are currently about 4.3 million retail users of CBDC, new challenges and issues keep cropping up about the e-rupee’s technology, as well as questions around the safety features and speed of transactions. [Read more at ET Now]
*For those interested in intra-day updates, check out my searchable Diigo Fintech developments database, which is also a good place to go to query for past developments: https://www.diigo.com/user/kiffmeister/ART.
Kiffmeister’s central bank digital currency monthly monitor
Just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So (only) if you work at a central bank, ministry of finance or international financial institution (e.g., the BIS, IMF, OECD, World Bank) and who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at chronicles@kiffmeister.com
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