As a seasoned crypto investor with a keen eye for global trends, I find the latest collaborations between Project Ensemble of Hong Kong Monetary Authority (HKMA) and Central Bank of Brazil’s Drex pilot project, as well as the Bank of Thailand’s Project San, nothing short of exhilarating. With my roots tracing back to the early days of Bitcoin and a front-row seat to the crypto revolution, I’ve witnessed firsthand how partnerships like these can shape the future of our industry.
The Hong Kong Monetary Authority (HKMA) has been building connections around its project, Project Ensemble, which concentrates on tokenization. Now, they have fresh partnerships to unveil.
Project Ensemble has been connected to the Central Bank of Brazil’s (CBB) Drex trial initiative as well as the Bank of Thailand’s (BOT) Project San.
Uniting tokenization projects around the world
As a researcher, I’m excited to share that the Central Bank of Drex (CBB) unveiled the second phase of its central bank digital currency (CBDC) pilot project in September and started accepting applications for participation around mid-October. The focus now is on tokenization, which will be thoroughly tested in future stages of this program.
In simpler terms, the comparison of cross-border payment systems (Payment-versus-Payment – PvP, and Delivery-versus-Payment – DvP) for trade finance, carbon credit settlements will be trialed between Hong Kong and Brazil. The Hong Kong Monetary Authority (HKMA) has stated that the Drex project currently involves over 70 participants.
The Hong Kong Monetary Authority (HKMA) plans to evaluate Peer-to-Peer (PvP) and Direct-to-Vendor (DvP) payment and securities settlement systems using the Blockchain Opening Technology (BOT). Essentially, PvP refers to a method of exchanging money through peer transactions, while DvP involves settling securities directly between parties.
In this collaboration with the BOT, we’ll be exploring trade transactions and carbon credit systems as well, aiming to create a working demonstration, or proof-of-concept.
As reported by the Hong Kong Monetary Authority, the Bank of Thailand (BOT) initiated Project San in June, as stated by its deputy governor for corporate development, Alisara Mahasandana.
“This partnership will significantly advance tokenisation efforts […] by offering broader insights into tokenisation, as different technical designs, business requirements, and regulatory frameworks of each jurisdiction will be taken into account.”
Hong Kong is trailblazing tokenization
In March, the Hong Kong Monetary Authority initiated Project Ensemble with the aim of constructing a central bank digital currency for wholesale use and tokenization. They assembled an architecture committee to examine the necessary infrastructure for this project, which consists of Bank of China (Hong Kong), Hang Seng Bank, Hong Kong and Shanghai Banking Corporation (HSBC), Standard Chartered Hong Kong, HashKey Group, Ant Digital Technologies, and Microsoft Hong Kong.
The HKMA onboarded the French central bank to the project in June and launched a sandbox in August.
Before the commencement of Project Ensemble in February, the Hong Kong Monetary Authority (HKMA) provided financial institutions with guidelines to address any loopholes in tokenization regulation. Later, in November, the Hong Kong Securities and Futures Commission established rules for tokenized securities offerings.
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2024-10-28 21:33