The Hong Kong Monetary Authority, together with the Bank of Israel and the Bank for International Settlements Innovation Hub Hong Kong Centre, announced a joint research on retail central bank digital currency (CBDC) to test the feasibility of a cyber-secure two-tier CBDC.
Called Project Sela, the research will study the data security implications of a two-tier retail CBDC architecture where the intermediaries will have no financial exposure, and pioneer methods of making it more resilient to cyber-attacks. The Project is expected to be completed by the end of 2022.