The Hong Kong Monetary Authority, in collaboration with the Bank of Israel and the Hong Kong Centre of the Bank for International Settlements Innovation Hub (BISIH), published the report âProject Sela â Towards a Widely Accessible and Secure Retail Central Bank Digital Currency Ecosystemâ and participated in a launch event hosted by the Bank of Israel in Tel Aviv.
Project Sela is the first fintech collaboration between the MAS and the Bank of Israel. Through the design structure of the central bank digital currency at the retail level, Project Sela demonstrates the technical feasibility of non-bank payment intermediaries directly connecting to the central bank digital currency ledger, thereby promoting competition and innovation in the digital payment field. The project established a proof-of-concept prototype using distributed ledger technology (DLT), proving that the design structure can meet strict cybersecurity, legal and policy requirements in technical execution.
