Ripple Joins Hong Kong’s e-HKD Pilot Program

The post Ripple Joins Hong Kong’s e-HKD Pilot Program appeared first on Coinpedia Fintech News

Ripple Labs’ groundbreaking technology has recorded a huge adoption of its CBDC private platform that is built on the XRP Ledger technology. The company is already working with several central banks around the world to mint, manage, transact, and burn Central Bank Digital Currency (CBDCs) in a fully secured blockchain. Additionally, the company is actively involved in the research of CBDC development, for instance in Europe and Asia.

Hong Kong Believes in Ripple

The Hong Kong Monetary Authority (HKMA) announced the commencement of the e-HKD Pilot Programme with the help of 16 firms. Among the named firms to help in the e-HKD Pilot Programme includes Ripple Labs which was selected together with Fubon Bank (Hong Kong) Limited among others to help in the settlement of tokenized assets.

Notably, the first round of the e-HKD Pilot Programme is expected to take place in 2023 and tap on six possible use case categories including full-fledged payments, programmable payments, offline payments, tokenized deposits, settlement of Web3 transactions, and settlement of tokenized assets.

The outcome of the pilot program is expected to help in the final implementation of the e-HKD CBDC.

Mr Eddie Yue, the Chief Executive of the HKMA, said, “While the HKMA has not yet decided on whether and when to introduce e-HKD, we are excited to kick-start the e-HKD Pilot Programme, which serves as a tremendous opportunity for the HKMA to collaborate with the industry in exploring innovative use cases and maximising our readiness for a potential e-HKD. We appreciate the industry’s active participation in the pilots and look forward to the results. We are also pleased to have many experts in academia joining forces with us on this CBDC journey….”

Price Action

Following the announcement, Ripple-backed XRP price jumped more than 5 per cent to trade around $0.47 on Thursday. Coupled with other fundamental aspects, XRP is well positioned to revisit this year’s ATH, around $0.58, and rally further despite the ongoing lawsuit filed by the SEC.