More than a decade after Satoshi Nakamoto released a white paper on Bitcoin, the Asian Development Bank (ADB) announced it will be undertaking a project that will connect central banks and securities depositories in the Asean+3 region.
MORE than a decade after Satoshi Nakamoto released a white paper on Bitcoin, the Asian Development Bank announced it will be undertaking a project that will connect central banks and securities depositories in the Asean+3 region via blockchain technology.
“Directly connecting the institutions within a blockchain network could reduce both transaction costs and settlement risks—the possibility that securities are not exchanged within an agreed time frame,” ADB said in a statement. The results will be discussed with Asean+3 government officials and members of the Cross-Border Settlement Infrastructure Forum of the Asian Bond Markets Initiative. The latter is made up of central banks and securities depositories from across the region.
According to the ADB, the project will examine systems interoperability and the viability of central bank digital currencies in the region. The lender said the project is supported by ADB’s Digital Innovation Sandbox program, a platform for partners across the public and private sectors to collaborate on digital solutions.
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