{"id":4835,"date":"2023-05-18T17:56:35","date_gmt":"2023-05-18T21:56:35","guid":{"rendered":"https:\/\/sikaoer.com\/ripple-to-demonstrate-tokenization-in-hkma-e-hkd-pilot-program-using-new-cbdc-platform\/"},"modified":"2023-05-18T17:56:35","modified_gmt":"2023-05-18T21:56:35","slug":"ripple-to-demonstrate-tokenization-in-hkma-e-hkd-pilot-program-using-new-cbdc-platform","status":"publish","type":"post","link":"https:\/\/sikaoer.com\/ripple-to-demonstrate-tokenization-in-hkma-e-hkd-pilot-program-using-new-cbdc-platform\/","title":{"rendered":"Ripple to demonstrate tokenization in HKMA e-HKD pilot program using new CBDC platform"},"content":{"rendered":"


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Ripple will participate in the Hong Kong Monetary Authority\u2019s (HKMA\u2019s) digital Hong Kong dollar (e-HKD) central bank digital currency (CBDC) pilot program by showcasing a real estate asset tokenization solution. The company will reveal its new CBDC platform at the same time.\u00a0<\/p>\n

Ripple will partner with Taiwan\u2019s Fubon Bank and others to demonstrate equity release with tokenized assets using a retail version of the e-HKD CBDC. Equity release, also known as a reverse mortgage, is the practice of a lender letting a homeowner access the equity in their home, with payment coming due only when the house is sold or the borrower dies.<\/p>\n

Tokenization can reduce friction in the equity release process and speed throughput for banks, Ripple said in a statement. The company is participating in the so-called second rail of the program, which \u201cwill take deep dives into use cases as well as application, implementation, and design issues relating to e-HKD,\u201d according\u00a0to the HKMA.<\/p>\n

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“Our regulation will be tight”<\/p>\n

Hong Kong Monetary Authority Chief Executive Eddie Yue explains what crypto companies should expect under a new licensing regime https:\/\/t.co\/C6nWnRKtsU pic.twitter.com\/hgpJr2mkjY<\/p>\n

\u2014 Bloomberg TV (@BloombergTV) May 9, 2023<\/p><\/blockquote>\n

\u201cExperiences coming out of the Rail 2 pilots will factor into any decisions by HKMA to go live with an e-HKD at a later date (Rail 3),\u201d Ripple vice president of central bank engagements and CBDCs James Wallis told Cointelegraph in a written Q&A.<\/p>\n

Related: Ripple-based MoneyTap adopted by three Japanese banks<\/strong><\/p>\n

The pilot project will run on Ripple\u2019s new CBDC product \u2014 the Ripple CBDC Platform \u2014 using a new private ledger with XRP Ledger technology and enhanced functionality, including offline transactions and non-smartphone use. Wallis added:<\/p>\n

\u201cAll the pilot program partnerships that Ripple previously announced, including Montenegro, Palau and Bhutan, will leverage the CBDC Platform.\u201d<\/p><\/blockquote>\n

Hong Kong started its CBDC research in 2017. \u201cWhile it appears that e-HKD might not have an imminent role to play in the current retail payment market, we believe prospective use cases for e-HKD can emerge quickly,\u201d the HKMA concluded in a recent paper. <\/p>\n

Magazine: Ripple\u2019s David Schwartz Spams Our Epic Fail Column \u2014 Reddit Nailed It<\/strong><\/p>\n<\/div>\n