looking a little at BIS
https://www.bis.org/publ/othp40.htm
1 Central bankjourneys
1.1 BIS Innovation Hub
The Bank for International Settlements (BIS) has long kept a close eye on fintech innovation. Witnessing the speed of change and the potential impact on central banking, we embarked in 2019 on a new journey - that of creating the BIS Innovation Hub (BISIH). The BISIH is the youngest member to the BIS family, yet in barely two years since its inception, it has accomplished a lot, tapping the talent and enthusiasm of its multidisciplinary team of regulators, economists, market practitioners and technology experts.
We started with defining our work program to focus onsix themes:
Supervisory technology (suptech) and Regulatory technology (regtech), Next-generation financial market infrastructures, Central Bank Digital Currency (CBDC), Open finance, Cyber security and Green finance. It comes as no surprise that CBDC is a standalone theme that we decided to focus our knowledge, expertise and creative energy towards, alongside a growing number of central banks that are rolling out prototypes and pilots.
How to best execute on CBDCs? Which pain points and use cases to focus on?
[WHAT ARE PAIN POINTS?]
How CBDCs can be interconnected and help make cross-border payments cheaper and faster? Which design choices to make? are some of the most pressing, and hardest, technology questions facing central banks.
Central banks, embodying market stability, security and safety, cannot act in an ill-thought-through or rash manner. It is easy to move fast and break things.
Not breaking things is more difficult. To do
the latter, we need to move together.mBridge3 is an integral part of this journey.
'''[WHAT THE HELL IS mBridge? All gobbledegook]
Through it, the BISIH Hong Kong Centre is working with our central bank partners to iteratively improve the prototype. Next, we will extend collaboration with the private sector through further experimentation and trials in a safe environment.
[SAFE ENVIRONMENT??]
Aside from mBridge, the BISIH is also furthering CBDC in a series of other projects across its centres. Project Aurum, the Latin word for gold, is also a partnership between the BISIH Hong Kong Centre and the Hong Kong Monetary Authority. It is the first retail CBDC project of the BISIH, and undoubtedly not the last.5 6 In addition, the BISIH Swiss Centre is building on the foundations laid by project Helvetia to extend the exploration into project Jura, where the focus is on cross-border wholesale settlement for tokenised securities. Similarly, project Dunbar in the Singapore Centre explores multiple CBDCs.
In the coming months, the expansion of the BISIH to Frankfurt and Paris, London, Stockholm and Toronto, and our strategic partnership with the Federal Reserve Bank of New York, will provide further impetus to our CBDC work programme.
Taken together, we believe that these explorations, each coming from different angles and exploring different design choices, will provide the BISIH, and with it the central banking community, a solid foundation to face the next stage of central banking of digital money backed by the trust in central banks.
Benoît Cceuré
Head of BIS Innovation Hub of the Bank for International Settlements
5 See BISIH website https://www.bis.org/about/bisih/topics/cbdc/mcbdc bridge.htm .
6 See BISIH website https://www.bis.org/about/bisih/topics/cbdc/rcbdc.htm .
Inthanon-LionRock to mBridge 10
"CENTRAL BANK JOURNEYS"
so creepy.....doesn't really say anything just full of vague stmts about innovation, efficiency, safety, and - most of all - TRUST in central banks. Wouldn't trust em to deliver muh newspaper.