国际清算银行-松项目_央行利用智能合约进行公开市场操作（英）-2025.5_36页_2mb

Summary of Project Pine

Introduction and Aim:
Project Pine investigates the feasibility of central banks using smart contracts for monetary policy operations in a tokenized financial system. It explores whether smart contracts can facilitate the implementation of central bank tools, such as interest-bearing reserves, open market operations (repos, asset swaps, purchases), and collateral management, making policy execution faster, more flexible, and potentially more effective if tokenization is widely adopted.

Prototype Development and Features:
A prototype "toolkit" was developed containing smart contracts for key central bank operations:

• Interest-Bearing Reserves: Tokens that are fungible, support differentiated access, tiered interest rates, and second-by-second interest calculation.
• Open Market Operations: Flexible facilities including temporary reserve exchanges, asset swaps, and outright purchases/sales.
• Collateral Management: Dynamic haircuts, frequent valuation, collateral basket management, and automatic collateral calls.

The prototype was built on a programmable platform, leveraging ERC-20 token standard and widely used smart contracts tailored for central bank logic.

Technical Implementation and Validation:
The prototype was tested using simulated multi-agent scenarios covering various liquidity environments and unexpected events (tightening/easing cycles, stress situations). It successfully met all functional requirements and demonstrated:

• Flexibility: Instant deployment/adjustment of tools.
• Speed: Consistent operation under simulated pressure.
• Accuracy: Precise handling of collateral eligibility, haircuts, interest calculations, and reserve transfers.
  Key lessons: Custom smart contracts were necessary; centralized platforms prove feasible for central bank needs, mitigating DeFi's consensus challenges.

Central Bank Considerations:

• Benefits: Enhanced nimbleness, reduced announcement-to-execution frictions, automated operational tasks (e.g., collateral management), smoother transition to tokenized systems.
• Requirements: Central banks will likely need privileged access to data, enhanced privacy/ security (or dedicated data ecosystems), jurisdiction-specific customization alignment, clear legal frameworks.
• Risks: Potential vulnerabilities from interconnected systems, operational risks from automated errors or cyberattacks, stigma from using backstop facilities. Requires careful management and integration with legacy systems.

Conclusion:
Project Pine demonstrates the technical feasibility of using smart contract toolkits for central bank operations in a tokenized environment. It suggests potential performance improvements but acknowledges ongoing needs for refinement, multi-currency support, regulatory alignment, stable capacity/privacy implementations, and further collaboration. Tokenization represents a significant potential shift, but central banks require clear roadmaps for adoption.