The UK Parliament’s Treasury Committee urged the Bank of England and HM Treasury to ‘proceed with caution’ in its work...
CBDC
Until recently the central bank digital currency (CBDC) emphasis has been on consumer oriented or retail usage. In the last few months, there's been considerably more talk about wholesale applications. In the past, the primary central bank interest in wholesale CBDC was for cross border payments. One example is the mBridge project from the central banks of China, Hong Kong, Thailand and the UAE.
A key driver of Europe's current wholesale exploration is the potential usage of DLT in capital markets. To a lesser extent, it could also support tokenized deposits. The BIS recently proposed the concept of a Unified Ledger, a network that could support CBDC, tokenized deposits and other digital assets. Europe plans to incorporate this into its wholesale trials.
Examples of wholesale projects to support tokenized bank depoits include Brazil's DREX and Korea's recently announced wholesale initiative.
Basel, Zurich tokenized bonds settle with Swiss wholesale CBDC
We previously reported plans to settle a tokenized bond issuance by the Canton of Zurich with a wholesale Swiss...
HSBC China, Hang Seng, Fubon go live with digital RMB business pilot
Earlier this week we reported that Standard Chartered China had joined the digital RMB business pilot. However, it looks like...