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Hong Kong unveils accomplished retail CBDC undertaking that has a CBDC-backed stablecoin
The Hong Kong Financial Authority introduced its accomplished Aurum retail central financial institution digital forex (CBDC) prototype on Oct. 21. The system, developed along with the Financial institution for Worldwide Settlements (BIS) Innovation Hub, has a novel construction that displays the intricacies of the present system for issuing cash in Hong Kong.
Aurum consists of a wholesale interbank system and retail e-wallet. The e-wallet is created at a neighborhood financial institution and has a smartphone interface. A validator system prevents financial institution over-issuance and consumer double redemption.
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