The Hong Kong Monetary Authority has launched the Ensemble project to support the development of the tokenized market in Hong Kong

ChainCatcher news, the Hong Kong Monetary Authority (HKMA) has announced the launch of a new wholesale Central Bank Digital Currency (wCBDC) project called "Ensemble" to support the development of Hong Kong's tokenized market. The new project aims to develop innovative financial market infrastructure, facilitating smooth interbank settlements of tokenized currencies through wCBDC. The project will initially focus on tokenized deposits, which are digital forms of commercial bank deposits issued and provided to the public by commercial banks. Based on wCBDC, tokenized deposits can be used for trading tokenized assets.

It is reported that the focus of the Ensemble project is the wCBDC "sandbox" that the HKMA will launch this year. The "sandbox" will further explore and test tokenization use cases, including the settlement of tokenized real-world assets (such as green bonds, voluntary emission reductions, aircraft, electric vehicle charging stations, electronic bills of lading, and treasury management), and is likely to develop into new financial market infrastructure, serving as a bridge between tokenized real-world assets and tokenized currencies in transactions. If the wCBDC "sandbox" receives positive feedback from the industry, the HKMA will issue wCBDC in due course.

In addition, the HKMA will establish a wCBDC framework working group composed of local and multinational banks, key participants in the digital asset industry, technology companies, and CBDC experts. The HKMA will also continue to collaborate with Cyberport and Hong Kong Science Park to promote the development of asset tokenization and support local fintech innovation.