Central banks from France, Switzerland and Singapore want to use DeFi to stir up foreign exchange markets. jackschickler reports.
Central banks from France, Switzerland and Singapore are attempting to automate foreign exchange markets, using decentralized protocols, to cut the cost of cross-border payments.
Project Mariana, coordinated by the Innovation Hub of the Bank for International Settlements , is looking at whether protocols used in intermediary-free decentralized finance can replace traditional, more laborious processes for matching buyers and sellers of different fiat currencies. “DeFi and its applications have the potential to become systemically important parts of the financial ecosystem,” the BIS said in a statement on its website. It added that automated market makers can become"the basis for a new generation of financial infrastructure."
Those automated protocols use stores of liquidity and algorithms to determine the prices between tokenized assets – such as the central bank digital currencies which the three countries may decide to issue in the future. Project Mariana is the latest in a series of projects hosted by the BIS, which groups the world’s central banks, to examine whether state-issued digital currencies could have applications in everyday transactions or financial markets.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
J.P.Morgan Conducts On-Chain Transaction as DeFi Pilot Approved in Singapore.jpmorgan conducts its first blockchain-based swap on 0xPolygon between $SGD and $JPY: Why is this important? w/ TyLobban
Read more »
Singapore bank DBS uses DeFi to trade FX and state securitiesFX and government securities' trading can benefit from DeFi, DBS Bank found within a study backed by the Monetary Authority of Singapore.
Read more »
Singapore leverages Polygon and Aave in first DeFi wholesale markets transactionThe live trade is the first of Singapore's Project Guardian pilot, which aims to explore the potential of DeFi applications in wholesale funding markets.
Read more »
Singapore’s DBS Explains How Big Banks Can Implement DeFi, TooSingapore’s dbsbank explains how traditional financial institutions can implement decentralized finance, too. IanAllison123 reports
Read more »
DeFi Debt Marketplace Credix to Open a $150M Stablecoin Credit Pool to Digital Lender ClaveDigital lender ClaveApp will use a $150 million on-chain credit facility in $USDC from Credix_finance to originate loans to businesses and consumers in Latin America. sndr_krisztian reports
Read more »