The Hong Kong government is associated with the transversal interoperability protocol of ChainLink (CCIP) to test cross -border transactions between authorized blockchains and without authorization, as well as establishments using different types of digital assets.
The partnership is part of phase two of the digital currency initiative of the Hong Kong Central Bank (CBDC). According to a report by the Visa payment company, the initiative will involve a hypothetical Australian investor who wishes to buy a tokenized asset in Hong Kong.
After asking for the purchase in a stablecoin fixed at the currency of Australia, the transaction will be sent via interactions on several blockchains. Finally, the asset bought finds its way in the investor portfolio, worded in the Hong Kong CBDC.
Chainlink’s CCIP plays a role in communication between the different blockchains. According to the company, CCIP is live on dozens of blockchains, including Ethereum Virtual Machine-Compatible and Solana Virtual Machine-compatible Blockchains. In the case of the Hong Kong study, the Ethereum Testnet Sepolia will be used.
The main study partners are the visa, as a technology supplier, Australia and New Zealand Banking Group (ANZ), and asset managers Chinaamc and Fidelity International. The study is one of the many that the Hong Kong government commanded use cases for a possible CBDC.
This study focuses on examining the interaction between authorized blockchains and without authorization. Authorized blockchains are assessed for their confidentiality and their controlled environments, which facilitates the conformity and verification of user identities. Blockchains without permission, on the other hand, offer wide decentralization and open participation, giving them a strong distribution effect.
Hong Kong Monetary Authority (HKMA) launched phase two of the Hong Kong CBDC program on September 23, 2024. During this phase, 11 business groups will explore use cases for the CBDC, called E-HKD. The results of these studies should be published by the end of 2025.
In relation: What is a CBDC? Why central banks want to enter digital currencies
CBDC fever seems to cool
According to a February 2025 survey, only 18% of central banks around the world are enclosed to issue a digital currency of the central bank, against 38% in 2022, which indicates that interest in CBDC can cool.
However, some economic countries and blocks put pressure with their CBDC plans. In March, Israel published a preliminary design for a digital shekel. In February, the European Union increased its efforts for the development of the CBDC platform.
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