At Hong Kong Fintech Week it was announced that Project Ensemble is entering a live pilot phase. The initiative supports wholesale CBDC, tokenized deposits and tokenized assets. HSBC CEO Georges Elhedery told the audience that three days earlier HSBC had exchanged interoperable tokenized deposits with Standard Chartered in Hong Kong.
Standard Chartered’s CEO Bill Winters was upbeat about blockchain. He said “pretty much all transactions will settle on blockchains eventually and that all money will be digital. Think about what that means. A complete rewiring of the financial system.” However, exactly how that will play out remains unclear, so there is a need for the experimentation that is happening in Hong Kong.
From an international perspective, he observed that Hong Kong Dollar tokenized deposits and HKD stablecoins could become “a really interesting … medium of exchange for international trade”. That’s partly because it is linked to the US dollar.
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