Hong Kong plans gold token backed by 400-ounce bars for bank transactions

Hong Kong has announced plans to introduce a gold-backed token representing a standard 400-ounce bullion bar as the city expands blockchain-based trading and settlement services. Hong Kong has announced plans for a gold token representing a standard 400-ounce gold bar. The token will use the city's HAU gold price reference and support a planned interbank trading project. Officials have not named the token's issuer, custodian, blockchain or launch date. A separate gold transaction involving Zhaojin Mining and China Construction Bank (Asia) has already taken place.