As part of Phase 2 of the e-HKD+ pilot program, blockchain oracle provider Chainlink announced support for the exchange of Hong Kong CBDC with an Australian stablecoin.
Objectives of the e-HKD+ Pilot Program
The pilot program aims to explore the potential of tokenization to create the next generation payment infrastructure, focusing on maintaining financial stability and adhering to regulatory standards.
Methods to Enhance Transaction Efficiency
The program enables state-issued CBDCs to securely and efficiently interact with reduced costs and transaction times. Program participants consider various strategies to streamline transactions across different blockchains, including three primary approaches: 1. Using Hash Time-Locked Contracts for conditional transactions; 2. Managing the minting and burning of tokens; 3. Employing Chainlink CCIP for cross-chain transactions.
Legislative Changes in Hong Kong
In May, Hong Kong's Legislative Council approved a stablecoin bill, which is pending enforcement. HKMA confirmed the law will come into effect this year, pushing for anti-money laundering and counter-terrorist financing requirements for stablecoin issuers.
The e-HKD+ program and legislative changes in Hong Kong highlight the growing interest in digital currencies and asset tokenization, laying the groundwork for the future development of the CBDC and stablecoin markets.
