Hong Kong is advancing the integration of tokenisation into traditional finance with the introduction of a new initiative for the Ensemble project - the Central Bank Wholesale Digital Currency (CBDC).
On Wednesday, the Hong Kong Monetary Authority (HKMA) unveiled the project, designed to evaluate the use of tokenisation across different financial sectors.
Unlike retail CBDCs designed for public transactions, wholesale CBDCs are designed for use by financial institutions.
These digital currencies are critical for interbank payments and high-value transactions, playing a key role in the infrastructure of the financial system.
Initially, the HKMA’s initiative will target four main areas: fixed income and investment funds, liquidity management, green and sustainable finance, and trade supply chain finance.
Major financial institutions participating in the initiative include Bank of China, HSBC, Hang Seng Bank and Standard Chartered Bank. Technology companies such as Ant Digital and Microsoft, as well as asset managers such as BlackRock, CSOP Asset Management, Franklin
Templeton and China Asset Management will also participate in the project.
As part of this initiative, Ant Digital Technologies, the blockchain arm of Ant Group, aims to increase the efficiency of funding.
Warren Buffett’s decision to pass the torch marks the end of a legendary era in corporate America, closing a 60-year chapter during which he reshaped a struggling textile business into one of the world’s most valuable companies.
A recent move by U.S. President Donald Trump to reward top holders of his personal cryptocurrency with exclusive access to a White House dinner has sparked sharp criticism from both sides of the political aisle, including among Republicans.
A meeting between Ripple’s Chris Larsen and SEC commissioner Paul Atkins has sparked renewed speculation about progress in the long-running legal standoff between the blockchain company and the U.S. Securities and Exchange Commission.
Ark Invest, led by Cathie Wood, is shifting gears. While still bullish on Bitcoin’s long-term trajectory, the firm has made a sharp move into equities—most notably with a $10 million buy-in to Robinhood stock following the trading platform’s better-than-expected Q1 results.