Tokenization, Hong Kong
HKMA officially announced on May 7 that it will form a special community comprising industry representatives and regulators to develop tokenization standards.
Called “Project Ensemble Architecture Community,” the community aims to supervise and support the development of tokenization projects in Hong Kong.
The initiative is also designed to promote and support interoperability among wholesale central bank digital currencies (wCBDC) — a type of digital money used among banks and financial institutions.
According to the announcement, the community will initially focus on establishing a mechanism to support seamless interbank settlement of tokenized deposits through wCBDC for tokenized asset transactions.
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Tokenization is the process of issuing a digital representation of real-world things such as fiat currencies, equity, commodities, real estate and others.
Blockchain-based real-world tokenization (RWA) has emerged as one of the key trends in 2024 as investors look for new ways to diversify their portfolios.
According to some forecasts, RWA tokenization could potentially revolutionize multiple industries and grow into a $16 trillion market by 2030.
https://cointelegraph.com/news/hkma-project-ensemble-asset-tokenization