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The PoC demonstrated the transformative potential of DLT-based systems in improving liquiditymanagement. The implementation of a decentralised fund transfer process further optimised liquiditymanagement, enabling real-time transactions validated by distributed nodes. Each platform exhibited distinct strengths.
This PoC involved executing real-time cross-border test transactions between various Central Bank Digital Currency (CBDC) systems. The project tested the feasibility of conducting multilateral cross-currency transfers through the UDPN, involving both Distributed Ledger Technology (DLT) and non-DLT-based CBDC technologies.
On 28 August 2024, HKMA officially launched the Project Ensemble Sandbox, which will test a wide range of tokenisation usecases, including the settlement of tokenised real-world assets (such as green bonds, carbon credits, aircraft, electric vehicle charging stations, and treasury management).
Faster Payments Council (FPC) , a membership organization devoted to advancing safe, easy-to-use faster payments in the United States, today published its latest research report, titled The Practicalities of Cross-Border Payments in a Faster Payments World.
This marks a critical milestone in the exploration of a Central Bank Digital Currency (CBDC). The PoC findings also revealed that DLT-based solutions could enhance liquiditymanagement and security, ensuring seamless integration with both domestic and cross-border systems.
This includes evaluating infrastructure models, privacy standards, and usecases in collaboration with technology providers and payment firms through the Digital Pound Lab. T+1 also raises challenges around funding and liquiditymanagement, especially for cross-border trades involving time zone differences or currency conversions.
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