The Bank for International Settlements (BIS) has revealed its ambitious 2024 strategy, with a strong emphasis on central bank digital currencies (CBDCs) and tokenization. The BIS Innovation Hub has announced six new projects, including Project Promissa and Project Aurum, which aim to revolutionize financial instruments and advance CBDC privacy in retail payments.
Project Promissa, a collaboration between BIS, the Swiss National Bank, and the World Bank, will use blockchain technology to digitize promissory notes, simplifying management and increasing transparency. This project aligns with BIS’s commitment to exploring innovative solutions in tokenization and is expected to be completed by early 2025.
Meanwhile, Project Aurum, a joint effort between BIS and the Hong Kong Monetary Authority, focuses on privacy in retail CBDC payments. With the success of its wholesale interbank system and retail CBDC prototype, the project will delve deeper into understanding privacy in retail payments. This initiative reflects the critical role of CBDCs in the evolving landscape of digital currencies.
BIS is also launching four other initiatives, including Project Leap, Project Symbiosis, Project Hertha, and Project NGFS Data Directory 2.0, which address cybersecurity, green finance, and financial crime. These projects demonstrate BIS’s commitment to shaping the future of financial technology through a multifaceted approach.
Furthermore, BIS continues to focus on projects such as Mandala, Pyxtrail, and Cambridge, showcasing its dedication to innovation, automation, and experimentation across various aspects of the financial industry.
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Categories:
– CBDCs
– Tokenization
– Financial Technology
Tags:
– BIS
– Central Bank Digital Currencies
– Tokenization
– Blockchain
– Promissory Notes
– Retail Payments
– Privacy
– Cybersecurity
– Green Finance
– Financial Crime
