The authorities of Hong Kong, China, presented the prototype of what will be its digital currency issued by the central bank (CBDC).
This project is called “Project Aurum”, which includes a two-tier platform with a wholesale interbank and a retail electronic wallet system, according to part of the team in charge of development.
It is important to point out that the project stems from a collaboration between the BIS Innovation Hub Hong Kong Center (of the Bank for International Settlements), the Hong Kong Monetary Authority (HKMA) and the Hong Kong Research Institute of Technology and Applied Science, which has A prototype of Hong Kong’s upcoming digital currency has been produced, the Bank for International Settlements (BIS) announced.
Aurum participants want to launch two different types of digital tokens. The first type will be a brokered digital currency, while the second will be a CBDC-backed stablecoin that will circulate in the interbank system.
The document states that “the goal is to bring to life two very different types of tokens: intermediated CBDC and CBDC-backed stablecoins in the interbank system. The latter is unique in the CBDC study to date. Privacy, security and flexibility are fundamental to the system.”
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