Hong Kong to Use Chainlink's CCIP for CBDC Study
The Hong Kong government is collaborating with Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to test cross-border transactions involving both permissioned and permissionless blockchains as part of its central bank digital currency (CBDC) initiative. The initiative will simulate an Australian investor purchasing a tokenized asset in Hong Kong using a stablecoin pegged to the Australian dollar, with the transaction processed across multiple blockchains and the asset delivered in Hong Kong’s CBDC. Key partners include Visa, Australia and New Zealand Banking Group (ANZ), ChinaAMC, and Fidelity International. The study will utilize the Ethereum testnet Sepolia and aims to explore the dynamics between different blockchain types. Phase Two of the CBDC program, initiated on September 23, 2024, involves 11 companies and will publish findings by the end of 2025. A recent survey indicates a decline in global interest in CBDCs, with only 18% of central banks inclined to issue one, down from 38% in 2022.
