Hong Kong’s Central Bank Announces New Wholesale CBDC to Support Tokenization Market
Summary
Hong Kong's central bank has initiated a wholesale central bank digital currency (wCBDC) project, named Project Ensemble, to support the tokenization market. The project aims to explore innovative financial market infrastructure for facilitating seamless interbank settlement of tokenized money through wCBDC, initially focusing on tokenized deposits. In October 2023, the bank acknowledged the potential unique value of a retail CBDC, but stated that further research is required before introducing an e-HKD.
