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$308M crypto laundering scheme busted, Hashkey token, Hong Kong CBDC: Asia Express

Published 11/02/2023, 07:48 PM
Updated 11/02/2023, 08:00 PM
$308M crypto laundering scheme busted, Hashkey token, Hong Kong CBDC: Asia Express

Hong Kong is one step closer to a central bank digital currency (CBDC) with the release of its successful e-HKD phase 1 results in collaboration with Visa (NYSE:V), HSBC, and Hang Seng Bank.

According to the November 1 announcement, Visa said that it achieved “near real-time” finality with transfers involving tokenized deposits of the digital Hong Kong dollar (e-HKD).

“Tokenized deposits were burned on the sending bank’s ledger, minted on the receiving bank’s ledger, and simultaneously settled interbank via the simulated wholesale CBDC layer,” the payments firm wrote.

The new e-HKD pilot results as announced by Visa.
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The culprits as they appeared for sentencing in Chongqing Tongliang District People’s Court.

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