While some experts believe tokenization has an array of positive global impacts, others cautioned of its potential to throw efforts to achieve financial inclusion into disarray.
Building on two previous digital bond issuances, the World Bank says the next logical step is to issue one that’s settled with a central bank digital currency.
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.
Tokenization alone is not enough; It has to be globally scalable on a single blockchain, and for that to occur, there's only one realistic option—building the future on BSV blockchain.
Swiss cities of Basel and Zurich are pioneering the use of wholesale CBDCs from the Swiss National Bank to settle digital bonds, marking a significant step in the tokenization of financial assets.
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 pilot, dubbed Helvetia Phase III, builds upon two previous studies with collaborations from the Bank for International Settlements and the SIX Digital Exchange.
In Project Mariana's proposed design, central banks do not need to control the underlying platform but will rely on smart contracts that follow industry best practices.
The Bank for International Settlements has released the Project Mariana report, exploring challenges and solutions in a wholesale CBDC pilot for cross-border FX transactions using blockchain.
SNB's pilot program will explore the possibility of launching a wholesale CBDC, although technical details of its whitepaper state it will rely on commercial bank money rather than a CBDC.
The chair of the bank said that it could very easily purchase BTC but has decided against it as it doesn’t meet the requirements of currency reserves.
The Swiss bank partnered with the BIS, SIX stock exchange and five commercial banks, including UBS, Citi, and Credit Suisse, to test the wholesale CBDC.
