$LINK

Chainlink is driving Hong Kong into a new era! e-HKD+ Cross-Chain

The Hong Kong Monetary Authority (HKMA) is accelerating the implementation of Project e-HKD+, a CBDC (Central Bank Digital Currency) using Chainlink Cross-Chain Interoperability Protocol (CCIP) technology. The system will enable cross-border payments and the seamless verification of tokenized assets.

This project began on September 23, 2024, and will continue until the end of 2025.

Visa, ANZ, Fidelity International. These groups will test various digital payment methods, such as programmable payments and offline money transfers.

A key example of the project is an Australian investor using a stablecoin (A$DC) pegged to the Australian dollar to make real-time payments to a Hong Kong asset management firm’s tokenized money market fund, Visa m e-HKD. Visa says this will help reduce payment risks.

According to Visa, Chainlink is the core of the system, connecting the CCIP ANZ Private Blockchain (DASChain), Ethereum Sepolia Testnet, and enabling banks to securely send cross-chain messages.

Chainlink ($LINK ) Digital Transfer Agents (DTA) are also supported to manage funds on Multi-Chain and Compliance Services (CCID1: On-Chain Investor Identification).

Project e-HKD+ will position Hong Kong as a leader in the digital currency world, especially in the Private Blockchain and Public Blockchain sectors. The project uses the ERC-20 standard for e-HKD and the ERC-3643 standard for Tokenized Deposits, and is compliant with Visa’s regulatory requirements, according to a report.