2025-05-13-国际清算银行-Promisesa项目_本票的代币化（英）_36页_4mb

Summary of Project Promissa: Tokenisation of Promissory Notes

Core Content

Project Promissa is an initiative by the BIS Innovation Hub, the World Bank, and the Swiss National Bank aimed at modernising the funding processes of Multilateral Development Banks (MDBs) by tokenising promissory notes. This project explores how to leverage distributed ledger technology (DLT) to improve the efficiency, transparency, and security of promissory note management.

Main Objectives

• To digitise promissory notes and place them on a distributed ledger, a process known as tokenisation.
• To create a proof of concept (PoC) platform that supports the full lifecycle of promissory notes.
• To ensure confidentiality, operational and data sovereignty, and automate lifecycle events.

Key Features of the PoC Platform

• Single source of truth: All parties access the same, accurate, and up-to-date data.
• Multiparty signatures: Automates the handling of lifecycle events and ensures consensus-based updates.
• Confidentiality: Data is shared only with relevant parties, maintaining privacy and security.
• Sovereignty: Each participant retains control over their data and operations.

Promissory Notes Overview

Promissory notes are unconditional written promises to pay a specified sum to the promisee. They are commonly used by MDBs such as the World Bank to settle contributions from member countries. These notes are typically non-negotiable, non-interest-bearing, and payable on demand or at a fixed time.

In the context of MDBs, promissory notes are often managed by a central bank acting as custodian and payment agent. The lifecycle of a promissory note includes issuance, encashment, updates, and archiving.

The Case for Tokenisation

• Current paper-based processes are time-consuming and require frequent reconciliation.
• Tokenisation using DLT offers a more efficient and transparent alternative by eliminating manual handling and ensuring data immutability.
• It enables real-time access to data, reduces operational risks, and enhances trust and accountability.

Proof of Concept (PoC) Details

• The PoC platform was developed to support the tokenisation of promissory notes.

• It includes five use cases:

  1. Issuance: Creation of a promissory note token.
  2. Custody: Assignment of a promissory note token to a custodian.
  3. Scheduled encashment: Automatic triggering of encashment based on a predefined schedule.
  4. Updates: Modifications to the promissory note, such as changes to encashment schedule or currency.
  5. Archiving: Storage of fully encashed promissory note tokens.

• The platform supports both native and non-native promissory note tokens. Native tokens are the primary source of truth, while non-native tokens reflect paper-based notes and are used as a transitional solution.

• The PoC was tested with seven countries (Austria, Georgia, Germany, India, Saudi Arabia, South Africa, and Switzerland) and involved 19 nodes, including 14 for the countries and 4 for the MDBs.

Implementation and Testing

• The PoC was tested over 90 days, simulated in 90-minute sessions to accelerate the timeline.

• Testing focused on two types of promissory notes:

  • Promissory note with scheduled encashment
  • Promissory note with non-scheduled encashment and reassignment of custodian

• In the scheduled encashment scenario:

  • The central bank creates the note with an encashment schedule.
  • The MoF approves the issuance.
  • The central bank confirms encashment after payment.
  • The MDB acknowledges the receipt, completing the use case.

• In the non-scheduled encashment scenario:

  • The MoF issues the note and selects a custodian.
  • The custodian confirms custody.
  • The MoF can propose an encashment or currency change.
  • These changes require approval and acknowledgment from the MDB to take effect.

Legal Considerations

• Legal challenges include:

  • The legal status of tokenised promissory notes.
  • The rights of holders.
  • MDB privileges and immunities.
  • Permissibility of tokenised promissory notes.
  • Central bank roles.
  • Platform governance.

• Legal analysis was conducted through a questionnaire and roundtable discussions with MDBs, central banks, and ministries of finance.

• Legal challenges are considered manageable and less complex than those in the tokenisation of private financial instruments.

Results

• The PoC effectively addresses key pain points in the current promissory note lifecycle.
• It demonstrates technical feasibility and provides value to all parties.
• The platform supports real-time transparency and operational efficiency.
• However, further work is required to:
  • Meet additional operational and security requirements (e.g., the four-eyes principle).
  • Address legal and compliance aspects in each jurisdiction.
  • Define a clear governance and operational model for the platform.

Next Steps

• Develop a minimum viable product (MVP) that meets operational and security requirements.
• Conduct further legal assessments to ensure compliance across jurisdictions.
• Establish a governance framework to define who will run, pay for, and manage the platform.

Conclusion

Project Promissa presents a promising approach to modernising the management of promissory notes within the context of MDBs. By leveraging DLT and tokenisation, it offers a more efficient, transparent, and secure alternative to traditional paper-based processes. While the PoC has shown strong potential, continued collaboration with legal and financial authorities is necessary to move towards full operationalisation.