CBDCs Can Work With Stablecoins Central Bank Trial Finds HEAD TOPICS
CBDCs Can Work With Stablecoins Central Bank Trial Finds
10/21/2022 12:02:00 PM The Hong Kong Monetary Authority claims its retail central bank digital currency prototype safeguards flexibility and privacy
Source CoinDesk
A new trial by hkmagovhk and BIS_org claims central bank digital currencies can work with private stablecoins, even if intermediary operators go bust. jackschickler reports. The Hong Kong Monetary Authority claims its retail central bank digital currency prototype safeguards flexibility and privacy A new experiment shows central bank digital currency (CBDC) can work with private stablecoins, even if intermediary operators go bust, the Hong Kong Monetary Authority said Friday.Private stablecoins are designed to maintain stable values relative to a reference currency like the U.S. dollar or an asset like gold, while CBDCs are digital versions of sovereign currencies. Project Aurum – named after the Latin word for gold – shows CBDC used by retail customers can be private and flexible, said its architects, who also include theBank for International SettlementsInnovation Hub and a research institute.“Project Aurum has made a number of ground-breaking achievements,” said the study. “We have no doubt that the Aurum prototype will catalyze and inspire the global quest for the most suitable rCBDC [retail CBDC] architecture.” Read more:
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I have recently started using ChiefraFba for crypto signals, his accuracy is INSANE! on Twitter A new experiment shows central bank digital currency (CBDC) can work with private stablecoins, even if intermediary operators go bust, the Hong Kong Monetary Authority said Friday.Jessie Pang Filed: October 18, 2022, 11 p.The city’s leader, Chief Executive John Lee, announced Wednesday that the government would earmark 30 billion Hong Kong dollars ($3.Brittney Griner Sends Message to Supporters While Celebrating Her 32nd Birthday in Russian Prison Downing Street said the incident was “deeply concerning" and a Foreign Office official summoned Chinese charge d'affaires Yang Xiaoguang on Tuesday. Private stablecoins are designed to maintain stable values relative to a reference currency like the U.S. GMT Something clicked instantly for Zero Chan when she first set foot on the island of Peng Chau, a short ferry ride from Hong Kong’s central business district, at a time when she was feeling burnt out and recovering from illness. dollar or an asset like gold, while CBDCs are digital versions of sovereign currencies. The move comes after the city witnessed a massive exodus amid some of the world’s strictest pandemic controls, which were recently eased after more than two years. Project Aurum – named after the Latin word for gold – shows CBDC used by retail customers can be private and flexible, said its architects, who also include the Bank for International Settlements Innovation Hub and a research institute. “I can fall asleep, read or do my own thing on the ferry. “Project Aurum has made a number of ground-breaking achievements,” said the study.K. “We have no doubt that the Aurum prototype will catalyze and inspire the global quest for the most suitable rCBDC [retail CBDC] architecture.” The island offers valuable middle ground for some like Chan, who seek to leave behind the stress accumulated from events such as pro-democracy protests in 2019, a national security crackdown that followed, and more recently, strict curbs against COVID-19.” “Apart from actively nurturing and retaining local talents, the government will proactively trawl the world for talents,” the chief executive added.” Over 100 jurisdictions worldwide are looking into issuing a CBDC, according to the Atlantic Council , and experiments are taking place across the world. Those projects often assume banks or other payment companies would intermediate the service. REUTERS/Tyrone Siu These changes have reshaped life in the global financial hub, driving hundreds of thousands to leave for Britain, Canada and Taiwan, but Chan has stayed on. Crucially, Aurum also tested out a system where regular shoppers don't get their hands directly on CBDC, but instead use private stablecoins – in the same way modern-day card payments use commercial bank money backed up by central bank guarantees. That should come as welcome relief for businesses in Hong Kong, which had long warned of a brain drain. “Bringing CBDC-backed stablecoins to life has never been done before,” the study said. Her customers are a sprinkling of housewives, office workers and retired people. to British soil," said Alicia Kearns, chair of Parliament's foreign affairs committee. “The system developed for the CBDC-backed stablecoins is unique and can be useful” for central banks, it added. Funds were made traceable on the prototype so customers could get their money back if the intermediary goes bust – but it would still safeguard privacy through the use of pseudonyms, the study said. “People need space, but there’s so much noise in the city,” added the 36-year-old devotee of Buddhism and Zen. Hong Kong is the Asian base for many multinational companies, including top banks and financial firms. Read more: .