BIS and World Bank explore tokenization of Development Fund promissory notes
Innovation Center of the International Clearing Bank and the Swiss National Bank (SNB) are working with the World Bank to tokenize the development funds provided to emerging economies. The bank will explore use cases with the International Monetary Fund, and the current format for providing funds is paper tickets stored in vaults.
Cecilia Skingsley, head of the Innovation Center of the International Clearing Bank, briefly introduced the project during a keynote speech at the Atlantic Council's central bank digital currency (CBDC) event. Although she did not mention specific figures, the World Bank's financing commitment for 2022 is $115 billion. As the plan is still in its very early stages, specific details have not been disclosed.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Anton Siluanov stated that settlements in the CFA will replace regular payments
Video Hosting Rumble Invests $20 Million in Bitcoin
Bitwise files S-1 registration for ETF tied to Bitcoin and Ether
VanEck extends fee waiver on Bitcoin ETF