The Hong Kong government is collaborating with Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to test cross-border transactions involving different digital assets. This initiative forms part of Phase Two of the e-HKD, Hong Kong's central bank digital currency project. A scenario includes an Australian investor wishing to purchase a tokenized asset in Hong Kong using a stablecoin pegged to the Australian dollar, with the transaction facilitated through multiple blockchains. The Ethereum testnet, Sepolia, will be employed in this study, involving key partners such as Visa, ANZ, ChinaAMC, and Fidelity International. The study aims to analyze the dynamics between permissioned blockchains, which offer privacy and compliance benefits, and permissionless blockchains, known for decentralization and accessibility. Phase Two began on September 23, 2024, with insights from various groups due by the end of 2025.

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