Cryoto Currency

Cointelegraph: Hong Kong unveils a CBDC-backed stablecoin by CBDC

Hong Kong announces a CBDC-backed stablecoin that is now complete in its retail CBDC project

On Oct. 21, Hong Kong Monetary Authority showed its prototype Aurum retail central bank digital money (CBDC). The unique structure of the system, which was developed in collaboration with the Bank for International Settlements Innovation Hub, reflects the complexity of the existing system for issuing Hong Kong money.

Aurum includes a wholesale interbank and retail ewallet. The ewallet is created by a local bank and features a smartphone interface. A validator system stops bank over-issuance and prevents double redemption by the user.