The BIS Innovation Hub and Swiss National Bank (SNB) are collaborating with the World Bank to tokenize fund commitments from various countries. Use cases will be explored in conjunction with the IMF. Currently the format for providing funds is paper based promissory notes that are stored in vaults.
Cecilia Skingsley, the Head of the BIS Innovation Hub, spoke briefly about the project during her keynote speech at a central bank digital currency (CBDC) event hosted by the Atlantic Council.
While she didn’t mention figures, the World Bank funding committments for 2022 were $115 billion.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
