BIS, BoE Conclude DLT Settlements Pilot
The Bank of England and the Bank for International Settlements Innovation Hub London Center have collaborated to test a distributed ledger technology-powered settlements system. The Bank of England will use the project’s findings in its real-time gross settlement system.
On April 19, the BIS published a report on Project Meridian, a joint pilot project with the Bank of England. The banks, according to the 44-page document, have successfully purchased houses in Wales and England using the synchronisation network and DLT.
The messages sent between the synchronisation network and the RTGS system via APIs, according to the report, provide a generic interface that could be “relatively easily” extended to other asset classes, such as foreign exchange. This could reduce the time, costs and risks of transactions.
Project Meridian clearly aims to provide a settlement system for central bank digital currencies (CBDC).
(With inputs from Shikha singh)
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