The International Monetary Fund, the World Bank and the Bank for International Settlements have reportedly joined forces to explore the concept of tokenization.
BIS announced Projects Mariana and Mandala with Asian central banks. UBS launched its tokenized VCC fund in Singapore. HKEX builds smart contract settlement platform.
South Korea's central bank said Friday that, along with the Bank for International Settlements and other central banks, it will launch a project together to automate compliance procedures and offer real-time monitoring in cross-border transactions. In a statement, the Bank of Korea said BIS Innovation Hub Singapore Centre, Reserve Bank of Australia, the BOK, Bank Negara Malaysia and Monetary Authority of Singapo.