Hong Kong Goes Wild with Chainlink for CBDC Experiment!
Hold onto your hats, folks! The Hong Kong government is teaming up with Chainlinkâs Cross-Chain Interoperability Protocol (CCIP) to test cross-border transactions! Waitâdonât fall asleep yet, this isnât your grandmaâs boring blockchain news! Weâre talking digital assets flying across different blockchains faster than a speeding bullet. đđ„
This is all part of Phase Two of Hong Kongâs central bank digital currency (CBDC) initiative. According to a recent report fromâwait for itâVisa (yes, the card company that makes you feel rich when your account says otherwise), theyâre working on a completely hypothetical situation where an Australian investor wants to buy a tokenized asset in Hong Kong. Got it? Itâs like playing Monopoly but with real money⊠and digital wallets. đ€
So, the investor asks to pay in a stablecoin tied to Australiaâs currency, and *BOOM*âthe transaction zips across multiple blockchains like a digital game of tag. By the time it reaches the investorâs wallet, theyâve got a shiny new asset⊠in Hong Kongâs CBDC. Confused? Donât worry, youâre not alone. đ€Ż
Now, the magic sauce here is Chainlinkâs CCIP, which works like the glue that sticks different blockchains together. And according to Chainlink, this isnât some half-baked projectâtheyâre live on dozens of blockchains, including the Ethereum Virtual Machine (EVM)-compatible and Solana Virtual Machine (SVM)-compatible ones. The Ethereum testnet, Sepolia, will be used for this study, so you know it’s fancy. đŒâš
The key partners for this high-tech experiment? Well, weâve got Visa playing tech provider, Australia and New Zealand Banking Group (ANZ) bringing in the banking expertise, and ChinaAMC and Fidelity International as the asset managers. Talk about a power team, right? đȘ
Letâs talk about the big idea behind all thisâpermissioned vs. permissionless blockchains. Permissioned blockchains are like those exclusive clubs you can never get into (but really wish you could), with privacy and control at the top of the list. On the other hand, permissionless blockchains are the party animals of the blockchain worldâopen to everyone and decentralization galore! đđ
The Hong Kong Monetary Authority (HKMA) kicked off Phase Two of the CBDC program back on September 23, 2024. By the end of 2025, they plan to publish the results from these studies. If you think that sounds like a long time, well, youâre right! But hey, it’s blockchainâthings move fast and slow at the same time. âł
CBDC Fever is… Fading?
Guess what? According to a survey from February 2025, only 18% of central banks worldwide are now jumping on the CBDC bandwagonâdown from 38% in 2022. So, it looks like that fever might just be cooling down, folks! But wait, donât worryâIsrael is still designing its digital shekel (because who wouldnât want a shekel in their wallet?), and the European Union is still full throttle on CBDC development. Maybe weâre not out of the woods yet. đČ
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2025-06-09 21:49