Hong Kong central bank Presenting a prototype of the Aurum central bank digital currency, the public CBDC project completed Oct. 21, a system developed in collaboration with the Bank for International Settlements (BIS) Innovation Center has a structure that is unique This reflects the complexity of the existing system for issuing money in Hong Kong.
Aurum consists of a wholesale system between banks and an e-wallet for the general public. The e-wallet is built at the local bank and has a smartphone interface. The verification system will prevent over-issuance and redemption users.
“Making a CBDC-backed stablecoin possible is unprecedented. We therefore feel that doing so may complement the growing research into private sector stablecoins. Indeed, what sets Aurum apart from private equity stablecoins is that Aurum’s stablecoin balance has been affected. elite compared to the real-time total payment balance (RTGS) of the issuing bank and the central bank.”
Hong Kong launches CBDC research in June 2021 as part of a comprehensive Fintech 2025 strategy, with financial authorities pursuing CBDCs for both the general public and wholesale separately.
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