Today the BIS Innovation Hub announced six new projects amongst the new initiatives it plans to tackle during 2024. Only one of the projects, Promissa, relates to tokenization. However, the announcement does not mention the far larger Unified Ledger initiative.
Project Promissa was formally unveiled earlier this month and involves tokenizing and automating the promissory note process with the World Bank. Cecilia Skingsley, who heads the BIS Innovation Hub, described Promissa as an opportunity to “kick the tires” of tokenization.
In contrast, the goal of the Unified Ledger is nothing less than completely rewiring the global financial system using tokenization. Agustin Carstens, the General Manager of the BIS, recently gave a rousing speech in which he argued that one cannot simply upgrade current legacy systems. They’ve reached the end of their useful life.
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