CryptoMediaClub
Monday, July 7, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

Hong Kong to Test CBDC for Cross-Chain Transactions Using Chainlink

10.06.2025
A A
0
118
VIEWS
ShareShare

Hong Kong will test the use of its central bank digital currency (CBDC) for cross-chain payments through Chainlink’s Cross-Chain Interoperability Protocol (CCIP), with participation from Visa, ANZ, Fidelity, and ChinaAMC.

Hong Kong to Test CBDC for Cross-Chain Transactions Using Chainlink

According to a report by Visa, one of the participants in the second phase of the digital Hong Kong dollar (e-HKD) pilot project, the Hong Kong Monetary Authority (HKMA) will explore the potential of using CBDC for cross-border cross-chain payments and interbank transfers.

Within the e-HKD project, the CBDC will be tested for payments and settlements across different blockchains, as well as for interaction with various digital assets. Chainlink, a leading oracle provider whose CCIP will ensure secure transmission of data and value between public and permissioned blockchains, will be HKMA’s main partner in this project.

The CCIP will be used to integrate DASChain, the permissioned blockchain of the Australian financial group ANZ Bank, with the public Ethereum blockchain. The process involves several stages:

  1. Australian investors deposit AUD and receive the stablecoin A$DC issued by ANZ.
  2. ANZ issues a wrapped version of e-HKD on the DASChain network.
  3. Chainlink’s CCIP securely transfers wrapped e-HKD tokens to the Ethereum blockchain.
  4. Investors can then use the asset to purchase shares of tokenized funds issued by Fidelity International or China Asset Management (Hong Kong).

Thanks to Chainlink’s technology, all transactions will undergo mandatory KYC/AML checks through CCIP’s identification modules. This approach aims to test the feasibility of ensuring secure and efficient exchange of tokenized assets across different blockchains without losing control or regulatory compliance by financial institutions.

Another goal of the pilot is to eliminate counterparty risks through atomic settlements. According to the report, in 2022 currency market transactions totaling $2.2 trillion were exposed to risks stemming from imperfect settlement infrastructure. The new model proposes simultaneous exchange of assets and funds between networks, theoretically mitigating such risks.

Additionally, the project participants will study how the choice of tokenization standards affects compatibility and regulatory compliance. Two standards will be used in the initiative: ERC-20 for e-HKD and ERC-3643 for tokenized deposits.

Hong Kong authorities are actively expanding the CBDC pilot project launched in 2021. In 2023, pilot programs for retail and wholesale CBDCs were launched. In 2024, HKMA began exploring tokenization and tested cross-border payments in e-HKD. A total of 21 financial institutions are participating in the second phase of Hong Kong’s digital currency trials.

Сообщение Hong Kong to Test CBDC for Cross-Chain Transactions Using Chainlink появились сначала на CoinsPaid Media.

Share9Tweet6ShareSharePin2

Related Posts

Brazil’s Central Bank Hack Sparks $40M Crypto Laundering in BTC, ETH
All news

Brazil’s Central Bank Hack Sparks $40M Crypto Laundering in BTC, ETH

07.07.2025
0

A sophisticated cyberattack on C&M Software, a technology provider for Brazil’s Central Bank, has triggered a wave of crypto laundering,...

Read moreDetails
Drake Compares Love Life to Bitcoin Price Swings in New Lyrics

Drake Compares Love Life to Bitcoin Price Swings in New Lyrics

06.07.2025
Ethereum Price Prediction: ETH Holds Narrow Range as ETF Demand Builds – Is a Breakout Near?

Ethereum Price Prediction: ETH Holds Narrow Range as ETF Demand Builds – Is a Breakout Near?

06.07.2025
Mercado Bitcoin to Tokenize $200M in RWAs on XRP Ledger, Ripple Reveals

Mercado Bitcoin to Tokenize $200M in RWAs on XRP Ledger, Ripple Reveals

06.07.2025
XRP Price Prediction: Is Consolidation Over? Crypto Michael’s Chart Hints at Explosive Move

XRP Price Prediction: Is Consolidation Over? Crypto Michael’s Chart Hints at Explosive Move

06.07.2025
Load More
Next Post
Exciting Cardano Bitcoin DeFi Launch: Cardinal Protocol Bridges ADA and BTC

Exciting Cardano Bitcoin DeFi Launch: Cardinal Protocol Bridges ADA and BTC

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

European Central Bank Expands Testing of Financial DLT System

European Central Bank Expands Testing of Financial DLT System

1 year ago
Standard Chartered advises buying Bitcoin below $60,000 despite geopolitical uncertainty

Standard Chartered advises buying Bitcoin below $60,000 despite geopolitical uncertainty

9 months ago
UK may have crypto regulation within a year, says senior minister

UK may have crypto regulation within a year, says senior minister

2 years ago
Satoshi Era Dormant Bitcoin Whale Transfers 400 BTC Worth $11 Million

Satoshi Era Dormant Bitcoin Whale Transfers 400 BTC Worth $11 Million

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Mercado Bitcoin to Tokenize $200M in RWAs on XRP Ledger, Ripple Reveals

XRP Price Prediction: Is Consolidation Over? Crypto Michael’s Chart Hints at Explosive Move

Bitcoin Price Prediction: Post-$50B Whale Dump, BTC Price Holds Steady – Can Institutional Control Drive New Highs?

Why Snaky Way’s $AKE Token Is More Than Just a Meme Coin, Presale Ongoing

Ripple (XRP) Holders Achieve Financial Freedom by Starting Dogecoin (DOGE) Mining Machines through Blockchain Cloud Mining

PEPE Whales Accumulate Amid Market Volatility: Is a 200x Rally Coming?

Trending

Brazil’s Central Bank Hack Sparks $40M Crypto Laundering in BTC, ETH
All news

Brazil’s Central Bank Hack Sparks $40M Crypto Laundering in BTC, ETH

07.07.2025
0

A sophisticated cyberattack on C&M Software, a technology provider for Brazil’s Central Bank, has triggered a wave...

Drake Compares Love Life to Bitcoin Price Swings in New Lyrics

Drake Compares Love Life to Bitcoin Price Swings in New Lyrics

06.07.2025
Ethereum Price Prediction: ETH Holds Narrow Range as ETF Demand Builds – Is a Breakout Near?

Ethereum Price Prediction: ETH Holds Narrow Range as ETF Demand Builds – Is a Breakout Near?

06.07.2025
Mercado Bitcoin to Tokenize $200M in RWAs on XRP Ledger, Ripple Reveals

Mercado Bitcoin to Tokenize $200M in RWAs on XRP Ledger, Ripple Reveals

06.07.2025
XRP Price Prediction: Is Consolidation Over? Crypto Michael’s Chart Hints at Explosive Move

XRP Price Prediction: Is Consolidation Over? Crypto Michael’s Chart Hints at Explosive Move

06.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz