A partnership between the Bank of International Settlement and the central banks of France, Singapore, and Switzerland, “Project Mariana” intends to use DeFi protocols to automate foreign exchange markets and settlement.
This includes using DeFi protocols to stimulate the hypothetical exchange of cross-border transactions between the Swiss franc, euro and Singapore dollar wholesale central bank digital currencies, or CBDCs. The technologies involved in building Project Mariana include smart contracts and automated market maker protocols, or AMMs.
As an organization created by central banks to regulate the international financial framework, BIS wrote that “AMM protocols could form the basis for a new generation of financial infrastructures facilitating the cross-border exchange of CBDCs.” Cecilia Skingsley, head of the innovation hub at BIS, added:
“This pioneering project pushes our CBDC research into innovative frontiers, incorporating some of the promising ideas of the DeFi ecosystem. Mariana also marks the first collaboration across Innovation Hub Centres; expect to see more in the future.” BIS and the collaborating central banks have set a tentative date of mid-2023 for delivering a proof-of-concept. The financial institution wasdue to their inherent price variance and lack of a unified regulatory framework. Nevertheless, BIS has praised elements of distributed ledger networks, such as their technological prowess relative to fiat money. According to a recent report authored by BIS, 90% of central banks worldwide are currently researching the utility of CBDCs.
Update : This article has been updated to correct the spelling of the Bank for International Settlements and to correct a quote taken from its announcement.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
2023 Ford Mustang Dark Horse confirmed for the UK | EvoFord’s incoming Mustang will arrive in the UK from late next year topped by the Dark Horse -
Consulte Mais informação »
Mandalorian Season 3 Release Date Not Set Yet Despite ReportsTheMandalorian season 3's release date is currently not set, despite recent reports suggesting the Disney+ series has a confirmed February slot.
Consulte Mais informação »
Obamacare open enrollment 2023: What to knowOpen enrollment for Affordable Care Act health plans begins Tuesday, and there are a slew of changes to be aware of this year when making a selection.
Consulte Mais informação »
Four-star 2023 Defensive Tackle Kayden McDonald Commits to Ohio StateBOOM Ohio State lands the commitment of four-star Georgia defensive tackle Kayden McDonald, a 6-foot-3, 310-pound prospect capable of clogging up the middle of the defensive line.
Consulte Mais informação »
Tested: 2023 Chevrolet Corvette Z06 with Z07 Package Is the Performance PinnacleTested: 2023 Chevrolet Corvette Z06 with the Z07 package is the performance pinnacle:
Consulte Mais informação »