HKMA recognizes Arcartera's work on Blockchain digital assets

HKMA recognizes Arcartera’s work on Blockchain digital assets

Arcartera Limited, a Hong Kong-based blockchain infrastructure developer, has received an official letter of appreciation from the country’s Monetary Authority (HKMA).

HKMA just announced its first trial transactions of CBDCs, which were achieved using mBridge, a system developed by the Bank for International Settlements (BIS). Arcartera was a key member of the team involved in this project.

Governments around the world are aware of the rapidly changing financial environment that cryptocurrencies offer us. To keep this goal in the spotlight, they have made a mixed effort to influence the use of those digital assets.

Despite the growing concern about the regulation of blockchain products, Arcartera Limited has chosen to embrace officially approved government businesses, unlike many decentralized tokens such as Bitcoin.

The team has been developing the web 3 infrastructure for many years, with a particular focus on stablecoins. These are tokens that are usually pegged via fiat or physical currency, which serve as a means of entering and exiting cryptocurrency trading.

Involving governments in the improvisation and creation of their stablecoins would provide them a source for practicing CCTs under profitable conditions. To realize these potential benefits of stimulating digital currencies in the current system, Arcartera Limited has made some great efforts.

In response to these efforts, Arcartera received an official letter of appreciation from the Hong Kong Monetary Authority (HKMA) on July 19, 2022. This letter was based on appreciation for consultation and comments provided on the e-HKD Token, a project where HKMA plans to create its own digital currency, which would To serve as a stable currency. The e-HKD token will be developed via blockchain technology, and will largely serve as an electronic Hong Kong dollar for the citizens of the Hong Kong Special Administrative Region.

As HKMA has been working on creating this digital innovation, they released a discussion paper earlier this year, which was taken as the basis for Arcartera Limited’s feedback. The letter was sent as a response to appreciation for such an in-depth overview that is in keeping with the current circumstances. Speaking of the comments provided by Arcartera Limited, it also constituted a complete technical proposal that outlined the future outlook of digital innovation along with the risks that may be associated with its creation and benefit.

The founders of Arcartera have been putting in place a role in building blockchain technology and diversified infrastructure for many years. Getting an official letter from such a famous government organization is a great endorsement of their work and efforts in this industry.

The team looks forward to HKMA’s official report on the project to be published in the later months of 2022, which will enable them to provide further cooperation towards positive development. We welcome you to visit www.Arcartera.com And the www.HKMA.gov.hk for more details.

information about us: Arcartera Limited is the originator of the Arcartera protocol. It is a Blockchain focused on the construction industry, with a particular focus on payment systems for governments, architects, and suppliers. Twitter: ArcarteraLTD

About HKMA: The Hong Kong Monetary Authority is the central banking institution of the Hong Kong government. Twitter: HKMAgovHK

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