On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
A new study from Hong Kong regulators is expected to present initial thoughts and findings on CBDCs during the summer of 2022.
The Hong Kong Monetary Authority (HKMA) has today released an official whitepaper exploring the potential of a retail-focused central bank digital currency (CBDC), the digital Hong Kong dollar (e-HKD).
According to the document, the HKMA will seek to understand the “potential architectures and design options” from a technical and regulatory policy perspective, with the ambition of creating a dual-tier system — the first being designed for a "central bank to issue and redeem CBDC,” and the second being retail-centric for “commercial banks to distribute and circulate either rCBDC or CBDC-backed e-money.”
Hong Kong debuted their investigation into CBDC’s in 2017 with Project LionRock and in early 2020 embarked on a seven-month collaboration with the Bank of Thailand prospecting the “potential of wholesale CBDC for cross-border payments.”
The initiative soon evolved into Multiple CBDC Bridge in February 2021 following the introduction of the Central Bank of the United Arab Emirates and the Digital Currency Institute of the People’s Bank of China. This “m-CDBC” will aim to use distributed ledger technology to deliver a proof-of-concept model for a unified payments network.
In June of this year, the HKMA announced Fintech 2025, a financial technology initiative focused on five areas of innovation including offering support to central banks in the adoption of a CBDC, developing a skilled workforce, as well as the initiative introduced today. HKMA chief executive of the HKMA Eddie Yue said:
“The Whitepaper marks the first step of our technical exploration for the e-HKD. The knowledge gained from this research, together with the experience we acquired from other CBDC projects, would help inform further consideration and deliberation on the technical design of the e-HKD.
Related: CBDCs can cut cross border remittance costs by half: BIS report
“We also look forward to receiving feedback and suggestions from the academia and industry to enrich our perspectives,” Yue added.
Despite issuing a blanket ban on all crypto-related activities alongside Hong Kong, The People’s Republic of China has been consistently ambitious in their pursuit of a CBDC, establishing themselves as a prominent leader in the burgeoning global market.
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