TechFlow reported on May 16 that the Federal Reserve Bank of New York's Innovation Center, together with the Swiss Centre of the BIS Innovation Hub, has completed the "Project Pine" research initiative, successfully developing and testing a toolkit of smart contracts enabling central banks to implement monetary policy in tokenized financial environments. The study shows that if tokenization technology is widely adopted in financial markets, central banks could use smart contracts to rapidly create and adjust monetary policy tools, including paying interest on reserves, asset swaps, and collateral management. Test results indicate that this technology can help central banks respond more flexibly to market crises and improve the efficiency of policy implementation.
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