BIS unveils ambitious 2024 roadmap including CBDC and tokenization projects
Key Takeaways:
The BIS Innovation Hub will introduce blockchain-based tokenization projects and conduct the second phase of CBDC privacy testing.
The BIS Innovation Hub director said tokenization was another important topic and that Promissa was the first of “many more initiatives” in this area.
In 2024, the Bank for International Settlements (BIS) Innovation Hub will introduce blockchain-based tokenization projects and conduct the second phase of central bank digital currency (CBDC) privacy testing.
BIS published its annual work program on 23 January. It includes six new initiatives examining topics including green finance, fighting financial crime, cybersecurity and CBDC.
BIS Innovation Hub Director Cecilia Skingsley said in the announcement that tokenization was another important topic and that Promissa was the first of “many more initiatives” in this area.
#BISInnovationHub has announced that six new projects will be launched under its 2024 work program focusing on safety and security, green finance and next-generation financial infrastructure. Eight other projects are still underway this year. Learn more: https://t.co/diE1fTvowg pic.twitter.com/lYHdrlyIAn — Bank for International Settlements (@BIS_org) January 23, 2024
BIS, the Swiss National Bank and the World Bank are collaborating on Project Promissa to develop a proof of concept (PoC) for a digital tokenized promissory note platform.
A classic debt or financial instrument that legally anticipates one party’s promise to pay a specific amount to another party at a specific time is the promissory note. According to BIS, most of the promissory notes, which are so important to the financial system, are still paper-based. BIS plans to complete the PoC by early 2025.
Meanwhile, Project Aurum, which is being conducted by BIS and the Hong Kong Monetary Authority (HKMA), will begin a new phase of research on retail payment privacy protection using CBDC. For the Aurum project, HKMA will complete a retail CBDC prototype, e-wallet and wholesale interbank system in 2022.
Project Leap, Project Symbiosis, Project Hertha and Project NGFS Data Directory 2.0 are the other four new BIS initiatives that are not directly related to the digital asset sector.
The bank also plans to continue working on three projects. Pyxtrail, a project that monitors asset-backed stablecoin balance sheets; Project Cambridge, which tests multiple CBDC platforms for cross-border payments; Project Mandala, which aims to automate compliance processes for cross-border payments.
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