Last year the BIS Innovation Hubs in Europe and Singapore announced plans for Project Rialto to explore foreign exchange (FX) for retail cross border payments. Today the BIS published a work in progress paper outlining its plans, including the involvement of the central banks of France, Italy, Malaysia and Singapore.
The Banque de France and Monetary Authority of Singapore were previously involved in Project Mariana, which also explored DeFi style automated market makers for foreign exchange.
One of the key novel aspects of Rialto is the integration of different elements. Domestic faster payment systems in each jurisdiction will link to a multinational DLT platform to support tokenization. In turn, the transnational platform provides automated FX services and hosts multiple central bank digital currencies for settlement.
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