Summary
The Bank for International Settlements (BIS) Innovation Hub has announced several new projects, including a blockchain-based tokenization project called Project Promissa. This initiative aims to develop a platform using distributed ledger technology to simplify the management and transparency of digital tokenized promissory notes. The BIS also plans to continue its Project Aurum, which focuses on the privacy of payments in retail central bank digital currencies (CBDCs). The project aims to research and develop two types of tokens, an intermediated CBDC and a stablecoin backed by CBDCs, within the interbank system.
Key Points
1. The Bank for International Settlements (BIS) Innovation Hub plans to launch a blockchain-based tokenization project and expand its central bank digital currency (CBDC) privacy testing program.
2. The BIS announced six new projects as part of its 2024 Innovation Hub work program, including initiatives related to cyber security, combating financial crime, CBDCs, and green finance.
3. One of the new initiatives, called Project Promissa, aims to develop a proof-of-concept platform for digital tokenized promissory notes in collaboration with the Swiss National Bank and the World Bank. The BIS also highlighted its continued efforts in Project Aurum, which focuses on studying privacy in retail CBDC payments.