NY Fed and BIS explore monetary policy in a tokenised world
Project Pine’s smart contracts are designed so central banks can adapt them to their currencies and frameworks
The Federal Reserve Bank of New York and the Bank for International Settlements have created a toolkit that would enable central banks to conduct market operations in a future where tokenisation had been widely adopted.
Through Project Pine, the results of which were published yesterday (May 14), the institutions worked with seven other central banks to develop smart contracts for collateral management and asset purchases. The contracts could also be used by central banks to pay interest on
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