The Hong Kong central bank, in its infinite wisdom 🤔, has decided to dabble
further in these digital currency tests. It seems they are quite taken with
these trinkets. Chainlink, of course, is involved. One wonders if they
aren’t simply throwing good money after bad.
Hong Kong And Australia Test Digital Cash, Or So They Claim 🙄
The premise, as I understand it, is to shuffle tokenized Hong Kong dollars
across borders, trading them for something called A$DC. A stablecoin, they
say, backed by Australian dollars. The promise? Settlement times reduced
from days to mere seconds. As if time itself bends to the will of these
digital dreams.
They say this could be a model for other central banks. A model of what,
exactly? Of chasing fleeting novelties while the world continues its slow,
inexorable march toward oblivion?
Chainlink’s Cross-Chain Interoperability Protocol, or CCIP, will be the
tool of choice. The goal, ostensibly, is simple: move money in real time,
ensuring both sides receive their due. A noble pursuit, if one were to
believe in the inherent nobility of money.
Phase two commences with Hong Kong and Australia swapping e-HKD for A$DC,
aiming for instant settlement. A grand experiment, no doubt, filled with
potential and, more likely, disappointment.
We’re excited to share that Chainlink is facilitating the secure exchange
of a Hong Kong CBDC and an Australian dollar stablecoin as part of an
ongoing use case in Phase 2 of the e-HKD+ Pilot Program.Congratulations to participants @Visa, ANZ, China AMC, and Fidelity…
— Chainlink (@chainlink) June 9, 2025
Chainlink Tools In Use, Or So It Is Advertised 😒
Chainlink, it seems, is more than just a name. It brings its technology to
bear. CCIP, acting as a bridge between blockchains, handles the
cross-chain messages. The Digital Transfer Agent, or DTA, grapples with
compliance, ensuring rules are met across different lands.
Visa and ANZ lend their services to payment processing, while Fidelity
International and ChinaAMC manage the tokenized funds. A diverse cast,
indeed, all playing their part in this digital charade.
They say this project is more than a small test, involving real money and
real risks. Risks, of course, managed by a Payment-versus-Payment model,
ensuring funds are only released upon mutual confirmation. A comforting
thought, perhaps, for those who still find comfort in such things.
LINK, the token of Chainlink, experienced a jump of 6% upon the news. A
fleeting moment of joy in a world of endless sorrow. It now trades at
$14.70, buoyed by hopes of Bitcoin reaching $110,000. Such optimism, it
seems, springs eternal, despite all evidence to the contrary.
Crypto traders, ever the gamblers, chase short-term gains, tempting as they
may be. But such gains are as ephemeral as morning dew, quickly vanishing
when the story fades.
Bitcoin, despite its rallies, remains tethered to the whims of equity
swings. A mix of bulls and bears populate the futures data, a testament to
the enduring skepticism that pervades even the most fervent of markets.
Volatility, that constant companion, stands ready to shake out the weaker
hands at the first sign of trouble. A sudden shift in sentiment, a fresh
macro shock, and all gains may be swiftly reversed. Such is the nature of
this game, a cruel jest played upon the hopes and fears of humankind.
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2025-06-10 20:49