Banking on Xalts' expertise in designing programmable assets, PwC China strikes a partnership with the firm to create a solution that would connect off-chain systems with blockchain-based solutions.
CBDCs offer various benefits for global economies, according to a BIS report, leading banks to explore use cases tied to these tokenized assets; however, their cons often overshadow their potential.
At the London Blockchain Conference 2024, one panel focused on the thorny issue of stablecoins, particularly those issued by private firms, and their role in digital payment solutions.
Despite being seen as having a "friendly" stance toward VASPs, Hong Kong reiterates it would push for stringent but "reasonable" rules to ensure the safe growth of the industry.
The HSBC-owned bank told digital asset firms to use simple accounts as they are struggling to utilize banking services amidst maturing digital currency landscape.
The Hong Kong Monetary Authority reiterated that it had not placed any bans on Bitcoin banking and urged banks to play nice with VASPs, amid rising interest in Bitcoin from top banks.
Many may see Hong Kong's latest regulation as a welcoming to digital asset exchanges, but the stringent requirements for licenses and compliance seem to tell otherwise.
Hong Kong is poised for second tokenized green bond launch in February 2024, leveraging blockchain for efficiency and transparency in collaboration with leading banks.
The Hong Kong Monetary Authority’s pilot will explore six categories of use cases, including offline payments, tokenized deposits, and settlement of Web3 transactions.
The HKMA has not yet issued a time frame, but experts believe that a full launch could take up to two years due to the amendments the legislature will have to make to give the CBDC legal backing.
The Hong Kong Monetary Authority warned Virtual Asset Service Providers against using the term “deposits” to describe funds placed with them by their clients amid liquidity struggles of JPEX.
Hong Kong prohibits retail stablecoin trading until 2024 due to concerns about safety and redemption risks, pending the establishment of a regulatory framework.
