BIS国际清算银行-Project-Helvetia_-Settling-tokenised-assets-in-central-bank-money_38页_722kb

Summary of Project Helvetia

Core Content

Project Helvetia is a collaborative initiative led by the BIS Innovation Hub Swiss Centre, SIX Group AG, and the Swiss National Bank (SNB). It explores how tokenised assets can be settled using central bank money, specifically through two proof-of-concept (PoC) models: issuing a wholesale central bank digital currency (w-CBDC) and linking the SDX platform to the existing Swiss RTGS system (SIC). The project is designed to evaluate both the technical and legal feasibility of such settlement arrangements, while also addressing the broader policy implications for central banks.

Main Objectives

The primary goal of Project Helvetia is to understand the potential for central bank money to be used in the settlement of tokenised assets. This is important as the financial industry moves towards more digital and decentralised platforms. The project investigates:

• The integration of tokenised assets with central bank money.
• The operational and policy implications of using w-CBDC for settlement.
• The feasibility of linking a DLT-based platform (SDX) to the existing RTGS system (SIC) for settlement purposes.

Key Findings

Functional Findings

• Both PoC1 (w-CBDC) and PoC2 (RTGS link) were implemented in live or near-live environments.
• PoC1 involves the issuance and redemption of w-CBDC on the SDX DLT platform, enabling instant and simultaneous settlement.
• PoC2 allows tokenised assets to be settled using the existing RTGS system, without the need to issue a new form of central bank money.
• The SDX platform uses a permissioned DLT architecture, with three types of nodes: participant, SDX, and notary nodes. The notary node ensures finality and prevents double-spending.

Legal Assessment

• The use of w-CBDC for settlement is legally robust, with clear implications for central bank balance sheets and liabilities.
• The SNB maintains control over the issuance and redemption of w-CBDC, ensuring regulatory compliance and oversight.
• The SDX platform operates under a regulated framework, with licensing from FINMA as a stock exchange and CSD.

Policy Considerations

Monetary Policy

• Central banks must consider the implications of issuing w-CBDC, particularly in terms of liquidity management and monetary base composition.
• The project highlights that w-CBDC could coexist with reserve balances, but its issuance would not directly affect the central bank's balance sheet size.

Financial Stability

• The introduction of w-CBDC could pose new operational and governance challenges for central banks.
• The use of DLT and tokenisation in financial markets may require central banks to adapt their oversight mechanisms to ensure system stability and safety.

Payments Policy

• Central banks have a role in ensuring the safety and efficiency of payment systems, even as new technologies emerge.
• The SNB and BISIH are committed to exploring how central bank money can continue to serve as a settlement asset in a digitalised financial system.

Key Insights and Implications

• Tokenisation and DLT are reshaping financial market infrastructures, offering new possibilities for settlement efficiency.
• w-CBDC provides a more flexible and integrated settlement solution, but raises new policy and operational questions.
• RTGS link offers a simpler integration path but limits the benefits of full tokenisation.
• Central banks must remain agile and open to innovation, while ensuring the safety and reliability of the financial system.
• Public-private collaboration is essential for understanding the impact of digital innovation on financial systems and for developing appropriate policy responses.

Next Steps

• Further exploration of the technical and policy implications of integrating w-CBDC into the existing financial system.
• Consideration of additional aspects such as regulatory, constitutional, and tax implications, as well as security and business continuity.
• Continued experimentation and dialogue to shape the future of financial infrastructure and central bank money.

Conclusion

Project Helvetia demonstrates the potential of using central bank money for the settlement of tokenised assets in a digitalised financial system. It highlights the importance of open collaboration, experimentation, and a balanced approach to innovation that considers both the benefits and challenges of new technologies. The findings provide valuable insights for central banks and the broader financial community as they navigate the evolving landscape of digital finance.