Israel and Hong Kong's collaborative efforts are a step towards prioritizing user privacy, inclusivity, and competition in CBDC development.
The joint project drew upon the diverse expertise of central banks and trusted private entities.
Titled Project Sela, the project established a public-private partnership and enlisted private intermediaries to craft a CBDC that blends the advantages of traditional cash with digitalization benefits. It wasWithin the Sela ecosystem, the central bank responsible for issuing the rCBDC maintains a ledger featuring pseudo-anonymous end-user accounts. This system ensures instantaneous settlement through a real-time gross settlement infrastructure.
Clifford Chance conducted legal analysis, and Check Point Software Technologies concentrated on cybersecurity elements as part of Project Sela’s design as a proof-of-concept to assess the viability of the proposed rCBDC. These include small- and medium-sized enterprises , civil society organizations, charitable entities, e-commerce providers, community centers, and technology firms.
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