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The Bank for International Settlements (BIS) today announced the first batch of six new projects in its 2024 Innovation Hub work programme, including experimentations on cyber security, fighting financial crime, central bank digital currencies (CBDCs) and green finance.
According to the sourceThe Bank for International Settlements has announced six new development projects for its BIS Innovation Centre, with a focus on
This first batch of projects for 2024, focusing on CBDCs, green finance, cybersecurity and steps to eliminate financial crime, builds on a further eight projects that are currently ongoing and 12 that were completed during 2023
The Bank for International Settlements says a joint experiment conducted with the central banks of Israel and Hong Kong proved the feasibility of a retail central bank digital currency (rCBDC) ecosystem that combines accessibility, competition and preventative cyber security, while retaining key advantages of physical cash.
<ul> <li>Twenty banks in Hong Kong SAR, Thailand, mainland China and the United Arab Emirates used the mBridge platform to conduct 164 payment and foreign exchange transactions totalling over $22 million.</li> <li>The pilot advances multi-CBDC experimentation by settling real value directly on the platform</li> <li>The BIS will present the mBridge pilot at Hong Kong Fintech Week, along with updates on Project Aurum (retail CBDC) and Genesis 2.0 (green finance)</li> </ul>