Even before artificial intelligence gained mainstream popularity, central banks have been utilizing the technology, according to a study by the BIS, which suggested the upskilling of workers on AI amid stiff labor market competition.
The Promissa project, made in collaboration between Bank for International Settlements, the Swiss National Bank, and the World Bank, will develop a proof-of-concept platform to facilitate digital tokenized promissory notes.
BIS's Project Tourbillon explores privacy-focused CBDCs, delving into eCash designs, security, scalability, and quantum-safe cryptography, addressing global central bank digital currency concerns.
BIS will tokenize promissory notes which still rely on stacks of papers, and while this “isn’t going to revolutionize the world,” it’s a critical first step.
The Bank for International Settlements general manager and the governor of South Korea’s central bank talked about the need for CBDCs, with both voicing concerns about Visa and Mastercard stablecoin.
The Bank for International Settlements has compared stablecoins to Eurodollars, saying they lack a central authority to maintain par when they reach the limit of elasticity.
Wholesale CBDCs don’t have the many complexities, risks, and complications of retail CBDCs and should launch in a few years, according to Bank for International Settlements General Manager Agustin Carstens.
The November 8 BIS report detailed that from January 2019 to September 2023, fiat-backed stablecoins only maintained their peg 94% of the time.
The pilot, dubbed Helvetia Phase III, builds upon two previous studies with collaborations from the Bank for International Settlements and the SIX Digital Exchange.
The guide, which is a part of Project Polaris, remarked that launching offline CBDCs will require a tailor-made approach, given the distinct nature of payments in different jurisdictions.
Project mBridge is inching forward to launching an MVP in 2024, and to achieve this, the Bank for International Settlements is exploring functionalities like platform statistics, queue management, and aligning with the CPMI frameworks.