The idea of tokenizing real estate assets has long been a dream for many blockchain projects. And now, thanks to Hong Kong’s Central Bank Digital Currency (CBDC) pilot, Ripple Labs is one step closer to realizing that dream.

In a statement on Friday, Antony Welfare, who advises the firm on its CBDC strategy, said that tokenization is the future of real estate.

Ripple Partners With Hong Kong Monetary Authority for CBDC Pilot

Last month, the Hong Kong Monetary Authority (HKMA) said it would begin laying the groundwork to launch a CBDC.

Like its peers around the world, the HKMA started piloting a CBDC in response to the rapid digitization of payments. The authority is currently exploring various use cases for the digital Hong Kong dollar.

Additionally, in May, Ripple Labs announced that it had been selected to join the pilot. The firm said it was chosen to help the HKMA develop a  tokenization solution that records e-HKD real estate transactions on a “secure and private ledger.”

Furthermore, the proposed technology will deploy Ripple’s CBDC platform. Launched on the same day the company unveiled its collaboration with the HKMA, the solution is tailored for central banks.

Ripple’s CBDC Ambitions

Ripple Labs’ CBDC platform is separate from the public XRP Ledger (XRPL). It was designed to assuage central banks’ concerns that using public blockchains for CBDCs could threaten their sovereignty.

Discussing the f

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Author: James Morales

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