Hong Kong Monetary Authority has <a href="https://www.bis.org/publ/othp57.htm">unveiled</a> the finalized Aurum retail <a href="https://www.cryptoknowmics.com/news/indian-crypto-companies-criticize-the-concept-note-on-cbdc-by-rbi">central bank digital currency (CBDC)</a> prototype. the central bank claimed that CBDCs can work with stablecoins and that CBDCs used by retail customers ensures flexibility and privacy.  The system, created in collaboration with the Bank for International Settlements (BIS) Innovation Hub, has a special design that captures the peculiarities of the current money-issuing system in Hong Kong.

A retail e-wallet and wholesale interbank system make up Aurum. The e-wallet has a smartphone application and is made at a nearby bank. The adoption of a validator mechanism stops users from redeeming twice and banks from overissuing.
<h2>Retail CBDC Employed in e-Wallets</h2>
CBDC-backed <a href="https://www.cryptoknowmics.com/news/payments-watchdog-probes-role-of-stablecoins-in-cutting-foreign-costs">stablecoins</a> are employed in the interbank system, whereas intermediated retail CBDC is utilized in e-wallets. The peculiar CBDC-backed stablecoins are a digital representation of Hong Kong's current monetary system, in which bank notes are created by three financial firms and supported by the central bank.

The stablecoins are debts of the issuing bank, with supporting assets controlled by the central bank, whereas the CBDC is a direct obligation of the central bank.
<h2>Use of Aliases to Protect Users' Identity</h2>
According to the system's developer, the system has a high level of cyber-resilience due to the high degree of dissociation between the wholesale and the retail ledgers. The use of aliases is frequent in retail dealings. Users' identities can only be seen by the intermediary performing <a href="https://www.cryptoknowmics.com/news/binance-compliance-officers-billions-of-revenue-spent-on-kyc">Know Your Customer (KYC)</a> services. As a backup plan, if a commercial bank fails, unallocated transaction output data are employed to track the ownership of digital money discreetly through numerous transactions.
<h2>PolyU Introduced First Metaverse PG Program</h2>
In early October, Hong Kong's <a href="https://www.cryptoknowmics.com/news/hong-kongs-polyu-introduces-first-metaverse-postgraduate-program">Polytechnic University (PolyU)</a> created a postgraduate program in metaverse technology, making it the first university in the country to accomplish this. PolyU has surpassed other higher education institutions in the fight to stay abreast of new trends, including the Web3.

The university wants to give its students the knowledge they need to work for start-ups and major players in the metaverse business by educating them on the fundamentals of metaverses and the basic technologies required for their growth.

Hong Kong Monetary Authority Claims CBDCs Can Work With Stablecoins

Hong Kong Monetary Authority unveiled the finalized Aurum retail central bank digital currency (CBDC) prototype on October 21.

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Hong Kong Monetary Authority Claims CBDCs Can Work With Stablecoins

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