The Bank for International Settlements (BIS) Innovation Hub intends to launch a blockchain-based tokenization project and further develop its central bank digital currency (CBDC) privacy testing program.

On Tuesday, the BIS announced six new projects as part of its 2024 Innovation Hub work program. These included projects involving cyber security, fighting financial crime, central bank digital currencies (CBDCs) and green finance.

New tokenization project

One of the BIS's new initiatives is called Project Promissa, which represents a collaboration involving the BIS, the Swiss National Bank, and the World Bank. Its objective is to develop a proof-of-concept for a platform designed to facilitate digital tokenized promissory notes.

"The project will use distributed ledger technology to …