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, the Hong Kong Monetary Authority presented the prototype Aurum digital currency (CBDC), for retail central banks. 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 e-wallet was created at a local bank. It has a smartphone interface. A validator system prevents bank excess-issuance and allows double redemption by the user.