Hong Kong Monetary Authority selects ConsenSys for CBDC project

Monday 28 September 2020 14:05 CET | News

The Hong Kong Monetary Authority (HKMA) has selected ConsenSys, a US-based blockchain company, to develop a central bank digital currency (CBDC) project.

Together with PWC and FinTech Forms HK, ConsenSys aims to develop a cross-border payment network with Thailand as the second phase of Project Inthanon-LionRock. The project was launched in 2019 by the HKMA and Bank of Thailand to explore the use of distributed ledger technology (DLT) in cross-border fund transfers. Inthanon is Thailand’s distributed ledger technology (DLT) CBDC initiative and LionRock is the Hong Kong equivalent.

The trial involves circumventing the correspondent banking network, allowing direct payments between banks. The goal is to ‘build a proof-of-concept (PoC) where a THB-HKD cross-border corridor network is set up as a bridge between the Inthanon and the LionRock networks.

 In Project Inthanon-Lionrock, ConsenSys will use its full-stack Ethereum products to test solutions with a focus on interoperability, scalability, and security.

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Keywords: Hong Kong Monetary Authority, HKMA, ConsenSys, blockchain, CBDC, central bank digital currency, cross border payments, Singapore
Categories: DeFi & Crypto & Web3
Countries: Singapore
This article is part of category

DeFi & Crypto & Web3