Tom Wan: Local banks in Hong Kong are building wallets for eHKD, but building on Ethereum is unlikely

08/27 09:56

21co on-chain analyst Tom Wan posted on social media X (formerly Twitter) that during his visit to the Digital Hub Web3 Living Lab, the biggest surprise was the integration and composability of the central bank digital currency CBDC with Web3 that Hong Kong emphasized. This allows companies to use eHKD as a payment method, and local banks are building wallets for eHKD, which may extend Hong Kong's support to other tokens (which are likely to be issued by entities on the whitelist and will depend on which blockchain they are built on). However, Tom Wan's analysis believes that while Hong Kong's exploration of the integration vision of CBDC and Web3 is exciting, it may be surprising if a permissionless blockchain like Ethereum is used to implement eHKD, because all partners on the CBDC pilot plan partner list, except for the cryptocurrency company Ripple Labs, are banks and fintech platforms.
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