Hong Kong Prepared New Prototype For CBDC!

Hong Kong Monetary Authority, stablecoin and made an important statement on CBDCs. Officials announced that a new prototype for the central bank-linked digital currency (CBDC) is being prepared.

central bankers, “Project Aurum” made some trials on the new prototype, called Aurum consists of an electronic wallet and interbank system between the central bank and citizens. While banks are authorized for digital money, the central bank is in the control part of the business.

Authorities, CBDC He made the following statement about his prototype:

“CBDC-backed stablecoins were an idea that no one had thought of before. Aurum has greater advantages than private sector stablecoins.”

CBDCs according to the developed prototype; even if intermediary banks or institutions go bankrupt, it can maintain its value by acting as a stablecoin.

Hong Kong authorities are working with the Bank for International Settlements (BIS) on the CBDC project.

BIS shared Hong Kong’s new digital currency prototype on its Twitter account.

Join us at @HongKongFinTech 2022 on 31 Oct at 15:05 HK time when the #BISInnovationHub team in Hong Kong present Project Aurum, a prototype technology stack for retail #CBDC @hkmagovhk
Read more: https://t.co/e3wJMWngv8 pic.twitter.com/fnxbxAN576

— Bank for International Settlements (@BIS_org) October 21, 2022

CBDC Studies Continue!

Central bankers in most parts of the world continue to work for the CBDC. According to data from the Atlantic Council, digital currency studies continue actively in at least 100 countries. CBDCs are not falling off the agenda recently, especially in the USA.