Hong Kong launches one of world’s first wholesale CBDC pilot as city positions itself at cutting edge of blockchain evolution

The city’s de facto central bank is testing an ecosystem that includes digital forms of deposits by commercial banks, financial products using distributed ledger technology and central bank money for settlement purposes, said Howard Lee, the HKMA’s deputy chief executive.

The aim of the project is to ultimately create an interoperable platform that can work with systems created by other central banks to increase efficiency, transparency and inclusion of individuals and businesses in the monetary and financial systems.

“We’re calling it Project Ensemble” internally, to conjure a group of items working together, Lee said at a press conference on Thursday. “We hope it will play beautifully, like music.”