Hong Kong is preparing to work with Ripple Labs for its new CBDC pilot program. The altcoin project, which focuses on the banking sector, has recently stepped into the real estate market.
HKMA selects altcoin for CBDC pilot program
The Hong Kong Monetary Authority (HKMA) signaled last month that it is laying the groundwork to launch a CBDC. HKMA, like its counterparts around the world, has launched a pilot of a CBDC in response to the rapid digitalization of payments. The authority is currently investigating various use cases for the digital Hong Kong dollar.
Also in May, Ripple Labs announced that it had been selected to participate in the pilot. The firm said it was chosen to help HKMA develop a tokenization solution that records e-HKD real estate transactions in a “secure and private ledger.”
Also, the proposed technology will use Ripple’s CBDC platform. Released the day the company announced its collaboration with the HKMA, the solution was designed specifically for central banks.
Ripple is the first choice of governments and central banks for CBDC solutions
Ripple Labs’ CBDC platform is separate from the publicly traded XRP Ledger (XRPL) technology. It is designed to address central banks’ concerns that using public blockchains for CBDCs could threaten their sovereignty. Discussing the work of the firm, Brooks Entwistle, Managing Director of Ripple, says that CBDCs are the strongest case for the use of Blockchain technology.
“There is no question that cryptocurrencies will be part of the landscape going forward,” Entwistle adds. It also revealed that Ripple has discussed its technology with more than 20 central banks.
Altcoin project actively researching real estate tokenization
As the name suggests, real estate tokenization requires the creation of tokens that represent physical land and properties. Typically, Blockchain technology securely issues tokens and tracks ownership. Tokenization offers many opportunities to the real estate industry.
Long payment periods, complex paper paths and high cost of entry are barriers to the traditional real estate industry. But tokenization promises to digitize the process. In addition to speeding up transactions, the fractional real estate token multiplies investment opportunities. Thus, it can unlock important new avenues of financing. Antony Welfare, CBDC consultant at Ripple Labs, recently reported that they are actively working on this. cryptocoin.com We have included the details in this article.
Current use cases for the technology include Parcl, a blockchain-based exchange. The technology allows users to invest in indices that represent real estate markets in major US cities. Another recent example is the Direct Property Africa Token (DPAT). Traded on an NFT market, DPAT provides global investors with access to land and infrastructure projects in Africa. As a result, on the upside, the new platform opens up alternative funding streams for developers.
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