Aurum

2024

World

Bank AI

<div class="coinjournal">
 <ul>
  <li>BIS’s 2024 Strategy Unveiled: CBDCs and Tokenization Key Focus.</li>
  <li>Project Promissa to digitize Promissory Notes using blockchain tech.</li>
  <li>Project Aurum advances CBDC privacy in retail payments with HKMA.</li>
 </ul>
 <p>The Bank for International Settlements (BIS) is set to make significant strides in digital currency research, emphasizing central bank digital currencies (CBDCs) and tokenization in its 2024 strategy.</p>
 <p>The BIS Innovation Hub has outlined a comprehensive program, featuring six new projects, exploring cybersecurity, financial crime, CBDCs, and green finance. Among the key initiatives are the second phase of Project Aurum and the launch of a blockchain-based tokenization project, Project Promissa.</p>
 <h2 id="project-promissa-revolutionizing-financial-instruments-with-tokenization">Project Promissa: revolutionizing financial instruments with tokenization</h2>
 <p>Project Promissa, a collaborative effort involving BIS, the Swiss National Bank, and the World Bank, aims to usher in a new era for financial instruments. Focusing on digitizing promissory notes, a traditional yet paper-based financial commitment, the project leverages blockchain technology to enhance transparency and simplify management.</p>
 <p>This proof-of-concept platform is set to revolutionize the handling of promissory notes by digitizing them, aligning with the BIS’s commitment to exploring innovative solutions in the realm of <a rel="noopener noreferrer nofollow" title="tokenization" href="https://thebittimes.com/tag/tokenization.html">tokenization</a>. The initiative is anticipated to conclude its proof-of-concept phase by early 2025.</p>
 <h2 id="project-aurum-advancing-cbdc-privacy-in-retail-payments">Project Aurum: advancing CBDC privacy in retail payments</h2>
 <p>Building on the success of its wholesale interbank system and retail CBDC prototype in 2022, Project Aurum, conducted jointly by BIS and the Hong Kong Monetary Authority (HKMA), progresses into its next phase.</p>
 <p>The project explores the privacy aspects of retail payments using <a rel="noopener noreferrer nofollow" title="CBDCs" href="https://thebittimes.com/tag/cbdcs.html">CBDCs</a>. With the HKMA’s achievements in developing a robust foundation for Aurum, the research now delves deeper into understanding the intricacies of privacy in retail CBDC payments. This initiative aligns with the broader BIS <a rel="noopener noreferrer nofollow" title="strategy" href="https://thebittimes.com/tag/strategy.html">strategy</a>, highlighting the pivotal role of <a rel="noopener noreferrer nofollow" title="CBDCs" href="https://thebittimes.com/tag/cbdcs.html">CBDCs</a> in the evolving landscape of digital currencies.</p>
 <h2 id="bis-additional-initiatives">BIS’ additional initiatives</h2>
 <p>Alongside <a rel="noopener noreferrer nofollow" title="tokenization" href="https://thebittimes.com/tag/tokenization.html">tokenization</a> and CBDC-<a rel="noopener noreferrer nofollow" title="focus" href="https://thebittimes.com/tag/focus.html">focus</a>ed projects, BIS introduces four other initiatives – Project Leap, Project Symbiosis, Project Hertha, and Project NGFS Data Directory 2.0 – addressing cybersecurity, green finance, and financial crime.</p>
 <p>These projects underscore BIS’s commitment to a multifaceted approach to shaping the future of financial technology. Additionally, the continued <a rel="noopener noreferrer nofollow" title="focus" href="https://thebittimes.com/tag/focus.html">focus</a> on projects like Mandala, Pyxtrail, and Cambridge showcases BIS’s dedication to innovation, automation, and experimentation across diverse aspects of the financial industry.</p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bis-unveils-2024-strategy-focus-on-cbdcs-and-tokenization-tbt77463.html">https://thebittimes.com/bis-unveils-2024-strategy-focus-on-cbdcs-and-tokenization-tbt77463.html</a></p>

BIS unveils 2024 strategy: focus on CBDCs and tokenization

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TheBitTimes

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