Arcartera Limited, a Hong Kong-based Developer of AEC Blockchain Infrastructure, has received an official Letter of Appreciation from the country’s Monetary Authority, HKMA.
HKMA just announced their first pilot transactions of Central Bank Digital Currency (CBDC), which was achieved using mBridge, a system developed by the Bank of International Settlements (BIS). Arcartera was a key team member involved in this project.
Though a major concern has risen over the regulation of blockchain products, Arcartera Limited has chosen to embrace officially endorsed government works, in contrast to many decentralized tokens such as Bitcoin.
Smart contracts automate subcontractor payments
The team had been developing Web3 Infrastructure for many years, with a special focus on stablecoins. These are tokens that are usually pegged across a fiat, or physical currency, which act as the means of moving in and out of trading cryptocurrencies. Arcartera is using them in smart contracts for architects that pay subcontractors.
Construction work is typically outsourced, and parties, even though aligned in the Building Information Management (BIM), usually have opposing, non-trusting positions. The connected nature of blockchain prevents any tempering of data – contractors are paid automatically if the conditions lined out in the smart code are met.
“We are honoured to receive an official Letter of Appreciation from the Hong Kong Monetary Authority, HKMA”, said Gregor Hans Schoener, the company’s CEO.
This letter was based as an appreciation for the consultation and feedback provided on the payment token, a project where the HKMA plans to set up their digital currency, which would act as a stablecoin. The e-HKD token would be developed across the blockchain technology, and it would significantly act as the electronic Hong Kong dollar for the citizens of the Hong Kong S.A.R.
As HKMA has been working on creating this digital innovation, they issued a discussion paper earlier this year, which was taken as the basis of the feedback by Arcartera Limited. The letter was sent as an appreciation reply for such an in-depth overview aligning with the current conditions.
Arcartera’s founders have put in their role in building blockchain technology and assorted infrastructure for many years. Getting an official letter from such a renowned government organization is a great endorsement of their work and efforts in the industry.
The Arcartera founders
About Arcartera: Arcartera Limited is the creator of the Arcartera Protocol. It’s a Blockchain focusing on the construction industry, focusing on payment systems for governments, architects, and suppliers. Twitter: ArcarteraLTD
About HKMA: The Hong Kong Monetary Authority is the central banking institution of the Hong Kong government. Twitter: HKMAgovHK
Source: Arcartera, Hong Kong, October 24, 2022