Building tokens – Even if the cold in the back that left us along crypto winter of 2022 has not yet passed in full, hope begins to be reborn again since the beginning of this year. Any bull market of Bitcoin (BTC) has been accompanied by one or more major innovations in the sector. It may well be that the next promising area is tokenization real assets. The issuing company of XRP, Rippleseems to have understood this well, and wants to help with the real estate tokenization of hong kong.
Real estate tokenization and MNBC come together
Even the worst enemies of Bitcoin and cryptocurrencies – THE central bankers – recognize digital assets (or at least their technologies) for their speed and low transfer costs. It is not for nothing that they are developing their own central bank digital currency (MNBC) by copying Bitcoin.
There tokenization moveable assets (shares, etc.) or real estate seem to many to be a logical evolution for the different exchange markets. In digitized versions on blockchain networks well more efficient. In a recent press release, the company announces its intention to ride this wave (tsunami?) to come.
The Ripple group thus announces that it has been selected by the Hong Kong Monetary Authority (HKMA) to offer the real estate tokenization. The latter would take place in the pilot program of the digital hong kong dollar (Or e-HKD), which is the future MNBC of this Special Administrative Region of the People’s Republic of China.
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Ripple comes to the aid of central bankers and their digital currency
It is in particular with its partners in the Fubon Bank – major bank in taiwan – that Ripple intends to present its solution for digitizing real estate. It must be said that, according to the press release, this tokenization of real assets could represent a market for several trillions of dollars by 2030.
Property owners, as well as local banks, can thus expect a great reduction in friction during these tokenized real estate sales. In particular, thanks to a greater processing speed loans, and payments “more flexible”.
“The Asia-Pacific region has many forward-looking regulators, such as the HKMA, looking to leverage the capabilities of blockchain and cryptocurrency technologies. It is a huge honor for Ripple to be one of the few selected organizations participating in the HKMA e-HKD pilot program. We now have the opportunity to demonstrate how the tokenization of real estate assets could be brought to the citizens of Hong Kong (…). »
James Wallis, Ripple’s Vice President for Central Bank and MNBC Relations
Ripple has also been officially invited by the Hong Kong authorities to the inauguration of e-HKD this May 18 2023. In addition to this real estate tokenization as part of Hong Kong’s MNBC, the company behind XRP recently revealed its involvement in the development of another central bank digital currency, in Montenegro this time.
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