The Hong Kong government is collaborating with Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to explore cross-border transactions within its central bank digital currency (CBDC) initiative, known as e-HKD. This project involves a theoretical scenario where an Australian investor uses a stablecoin pegged to the Australian dollar to purchase a tokenized asset in Hong Kong. The transaction will be processed across multiple blockchains, demonstrating the potential of interoperability between permissioned and permissionless blockchains. The key partners include Visa, the Australia and New Zealand Banking Group (ANZ), and asset managers ChinaAMC and Fidelity International. This phase of the CBDC project will utilize the Ethereum testnet Sepolia and is part of a larger initiative involving 11 groups exploring various CBDC use cases, with results expected by the end of 2025. Despite a reported decline in global interest in CBDCs, with only 18% of central banks currently engaging in CBDC projects, some regions continue to advance their plans.

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