Hong Kong to Launch Wholesale CBDC for Interbank Payments by Year-End

Hong Kong is planning to launch a wholesale central bank digital currency (CBDC) for use in interbank settlements within the current year.

According to Odeally on the 18th, the Hong Kong Monetary Authority (HKMA) aims to implement the wholesale CBDC by the end of this year as part of 'Project EnsembleTX.'

The HKMA plans to utilize the wholesale CBDC to reduce time constraints in existing payment systems and establish an infrastructure for tokenized asset settlements, enabling 24/7 settlement of tokenized deposit transactions.