Hong Kong Monetary Authority Selects Consensys For CBDC Project

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The Hong Kong Monetary Authority (HKMA) has selected U.S.-based blockchain technology firm ConsenSys to conduct a study on the application of a central bank digital currency (CBDC) for cross-border payments.

ConsenSys has been awarded a contract by the HKMA to develop technology for a central bank digital currency proof-of-concept. It will lead the phase two implementation of 'Project Inthanon-LionRock' with PricewaterhouseCoopers Limited and Forms HK.

The project was launched in September 2019 as a joint initiative between HKMA and the Bank of Thailand (BOT) to leverage Distributed Ledger Technology (DLT) to develop a cross-border fund transfer corridor network as bridge between the Inthanon and the LionRock networks.

Built on Corda R3's blockchain platform, the corridor network is designed to allow Inthanon and LionRock networks' participants to conduct funds transfers and foreign exchange transactions on a peer-to-peer basis which helps reduce settlement layers.

Consensys has already designed and delivered decentralized payment networks with leading central banks including the Monetary Authority of Singapore and the South African Reserve Bank.

The blockchain firm uses its enterprise Ethereum stack to test solutions to digitalize and increase global connectivity of financial markets by prioritizing scalability, security, and interoperability.

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