PANews June 9th News: According to Chainlink’s official statement, its technology is being used in the second phase of the e-HKD + pilot to support the secure exchange between the Hong Kong Central Bank’s digital currency (CBDC) and the Australian dollar stablecoin.
The Hong Kong government is collaborating with Chainlink’s Cross-chain Interoperability Protocol (CCIP) to test cross-border transactions between permissioned and permissionless chains, as well as settlements using different types of digital assets. This collaboration is part of the second phase of the Hong Kong Central Bank’s digital currency program.
The participants include Visa, ANZ, ChinaAMC and Fidelity International, aiming to promote the modernization of cross-border payments. According to a report by payment company Visa, the plan will involve a hypothetical Australian investor who hopes to purchase a tokenized asset in Hong Kong. After requesting a purchase with a stablecoin pegged to the Australian dollar, the transaction will be routed through interactions among multiple blockchains. Eventually, the purchased assets will enter the investor’s wallet in the form of the Hong Kong Central Bank’s digital currency.
Chainlink’s CCIP plays a role in communication between different blockchains. According to the company, CCIP has been running on dozens of blockchains, including the Ethereum Virtual Machine Compatible Chain and the Solana Virtual Machine compatible chain. In the research in Hong Kong, the Ethereum testnet Sepolia will be used.
The Hong Kong Monetary Authority launched the second phase of the Hong Kong Central Bank’s digital currency Programme on September 23, 2024. At this stage, 11 companies will explore the use cases of the central bank digital currency named e-HKD, and the results of these studies are expected to be announced by the end of 2025.
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