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CDS Crypto News Hong Kong Gathers Support of Five Major Banks to Launch Blockchain-Backed Green Bond Initiative

Crypto News

Hong Kong Gathers Support of Five Major Banks to Launch Blockchain-Backed Green Bond Initiative

Hong Kong enlists HSBC, Credit Agricole, and others for exploring multi-currency digital green bonds.

sevval15/12/20231 Mins read391

Hong Kong has enlisted the expertise of five major banks, including HSBC Holdings Plc and Credit Agricole CIB, to lead the way in a series of digital green bond sales. This initiative represents a significant stride in Hong Kong’s quest to become a frontrunner in digital asset finance within Asia.

Hong Kong Gathers Support of Five Major Banks to Launch Blockchain-Backed Green Bond Initiative

The city’s commitment to merging advanced financial technologies with sustainable practices is evident as it adopts blockchain technology to amplify the efficiency and transparency of its financial sector. The government’s strategic decision to involve prominent financial institutions such as the Bank of China (Hong Kong), Industrial and Commercial Bank of China (Asia) Ltd., and UBS Group AG underscores a steadfast dedication to exploring the potential of digitally native green bonds.

These bonds, slated to be recorded on a distributed ledger technology platform, herald a new era of sustainable finance. Denominated in dollar, euro, offshore yuan, and Hong Kong dollars, these multi-currency bonds emphasize Hong Kong’s aim to attract a global investor base, reinforcing its status as a hub for innovative financial solutions. This move follows Hong Kong’s successful issuance of HK$800 million ($102 million) of 365-day tokenized green notes earlier this year.

Sources:beincrypto

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sevval

Şevval has been actively writing since 2022 and is a third-year mathematics student at Ankara University. Her interest in writing is shaped particularly around innovative technologies such as Web3, artificial intelligence, and blockchain. She closely follows developments in these fields and aims to convey complex topics to readers in a clear and engaging manner. She enjoys combining her mathematical knowledge with technology to create content and strives to raise awareness about the digital world of the future.

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