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

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).

In the application of this tokenization technology, the HKMA mentioned green bonds, carbon credits, aircraft, electric vehicle charging stations, electronic bills of lading, and financial management as possible use cases.

The HKMA revealed that if the WCBDC sandbox receives sufficient attention and interest, it will ensure "real-time issuance" of the currency at the appropriate time.

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