Hong Kong goes all-in on digital tokens to modernize finance

Move toward blockchain assets reflects China's de-dollarization ambitions

20241009N hong kong tokens

Eddie Yue, chief executive of the Hong Kong Monetary Authority, speaks during the Aug. 28 launch of Project Ensemble Sandbox. (HKMA)

KENSAKU IHARA and PEGGY YE, Nikkei staff writers

HONG KONG -- The Hong Kong financial sector has embarked on an ambitious project to streamline transactions of traditional assets through the use of digital tokens.

The Hong Kong Monetary Authority (HKMA), the de facto central bank, launched Project Ensemble Sandbox in a hall on 56th floor of the International Finance Centre, the skyscraper in the Central financial district where the HKMA is headquartered.

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