Hong Kong launches Project Ensemble, wholesale CBDC and tokenized deposit scheme

KONG Tokenized 2024-03-09 39
The Hong Kong Monetary Authority (HKMA) announced on March 7 the launch of Project Ensemble, which focuses on studying the tokenization of private bank deposits using wholesale central bank digital currency (WCBDC). The institution clarified that the project will study the potential benefits to the financial system of tokenizing deposits using WCBDC, including optimizing interbank settlements. Nevertheless, the WCBDC, which is the core of the system, will also be part of the sandbox aimed at testing its application for other purposes, such as settling tokenized real-world assets (RWA).