Today, the Bank for International Settlements (BIS) Innovation Hub unveiled its work program for 2024. Among its focal points, digital asset tokenization takes center stage with a new project named “Promissa.” This project is a collaborative effort between BIS, the Swiss National Bank, and the World Bank.
Promissa: A Digital Touch to Traditional Financial Instruments!
BIS aims to create a concept for a platform for digital tokenized promissory notes with the Promissa project. Promissory notes are traditional debt instruments that play a significant role in the financial system and are predominantly paper-based. The project targets completing a proof-of-concept by early 2025.
Aurum Project: Delving into the Behind-the-Scenes of CBDCs!
The Aurum project, conducted by BIS and the Hong Kong Monetary Authority (HKMA), is advancing to a new research phase on the privacy of retail payments using CBDCs. In 2022, HKMA completed the wholesale interbank system, e-wallet, and a retail CBDC prototype for the Aurum project.
Other Projects: Leap, Symbiosis, Hertha, and NGFS Data Directory 2.0
The four other projects announced by BIS do not directly intersect with the digital asset industry. However, they focus on critical issues such as combating financial crimes, cybersecurity, and green finance.
Ongoing Projects: Mandala, Pyxtrail, and Cambridge
BIS will continue its work on the Mandala project, aiming to automate compliance procedures for cross-border payments, the Pyxtrail project, monitoring the balance sheets of asset-backed stablecoins, and the Cambridge project, experimenting with a multi-CBDC platform for cross-border payments.
What kind of transformation do you think these projects can bring to the financial system? Share your thoughts with us !!!