BIS and partners will test digitising promissory notes

Blockchain

The Bank for International Settlements, the Swiss National Bank and the World Bank launched a project to digitally manage promissory notes on January 11.

“Many international financial institutions (including multilateral development banks) are partly funded by financial instruments known as promissory notes, most of which are still paper-based,” the three institutions said. Digitising outstanding promissory notes could help “to address operational challenges”, they said in a joint statement.

The

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