The Bank for International Settlements is advancing plans for global tokenization and central bank digital currencies in 2024.
Central bank digital currencies (CBDCs) and tokenization are among the top priorities for the Bank for International Settlements (BIS) in 2024. The organization announced on Jan. 23 that it is moving forward with the second phase of testing for new technologies in another demonstration of crypto-based solutions increasing integration with traditional banking.
The BIS’s work program includes six new projects focusing on cybersecurity, financial crime, CBDCs and green finance. Meanwhile, project Promissa, a joint effort with the Swiss National Bank and the World Bank, will develop a digital platform for tokenized promissory notes. The BIS aims to complete this proof-of-concept by early 2025.
Also making headlines this week is the crypto lending platform Nexo. The company is seeking $3 billion in damages from the Bulgarian government due to failed criminal investigations. Nexo filed an arbitration claim with the International Centre for Settlement of Investment Disputes (ICSID) in Washington, D.C., on Jan. 24.
