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Opening remarks by Mr Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, at The People's Bank of China and Hong Kong Monetary Authority Joint Seminar "Hong Kong's positioning and prospect as an international financial centre", 9 December 2021.

The Covid-19 pandemic accelerated the digitalisation of payments. The latest Red Book Statistics from the BIS Committee on Payments and Market Infrastructures (CPMI) show that consumers have shifted from physical cash to digital and contactless payment instruments at a rate unprecedented since the start of the Red Book Statistics. At the same time, and as in earlier stress episodes, the value of cash in circulation surged.

The trio of the Central Banks of France, Switzerland, and the Bank of International Settlements (BIS) has successfully conducted a wholesale Central Bank Digital Currency (wCBDC) trial involving bo

Following Treasurer Josh Frydenberg’s “payments and crypto reform plan,” the RBA has published a report exploring DLT tech and wholesale CBDC issuance.

Jura explores the direct transfer of euro and Swiss franc wholesale central bank digital currencies (wCBDCs) between French and Swiss commercial banks on a single DLT platform operated by a third party. Tokenised asset and foreign exchange trades are settled safely and efficiently using payment versus payment (PvP) and delivery versus payment (DvP) mechanisms.

Although the project was a success, the central banks warned that significant rulebooks, contingency procedures and monitoring capabilities were needed to ensure the success of a CBDC.

Jura explores the direct transfer of euro and Swiss franc wholesale central bank digital currencies (wCBDCs) between French and Swiss commercial banks on a single DLT platform operated by a third party. Tokenised asset and foreign exchange trades are settled safely and efficiently using payment versus payment (PvP) and delivery versus payment (DvP) mechanisms. The experiment is conducted in a near-real setting, using real-value transactions and complying with current regulatory requirements.

“Dual-notary” structure could help protect monetary sovereignty, says Benoît Cœuré

Project Atom proved wholesale CBDC issued over DLT network reduced risk

“What is clear is that if we embrace these developments, Australia has an enormous opportunity to capitalize on the convergence between finance and technology,” Treasurer Josh Frydenberg said.

The country wishes to see all crypto activities take place on platforms regulated by SEBI.

The move comes as the Bank of Japan wants to roll out a digital yen CBDC by the end of next year.

A new emerging economy, which includes blockchain-native tokens, digital tokens, stablecoins and CBDCs, requires interoperable blockchain standards.