Promisesa项目：本票的代币化（英）

Tokenisation of promissory notes Finalreport April2025 ISBN 978-92-9259-853-2 (online) www.bis.orgemail@bis.org Follow us 4Executive summary Acronyms, abbreviations and definitions5 5.1Objectives and scope125.2Use cases125.3Roles135.4Solution design13 6Implementation and testing16 6.1Promissory note with scheduled encashment166.2Promissory note with non-scheduled encashment and reassignment of17custodian 187Legal considerations 8Results19 8.1Does Promissa address the pain points?198.2Is it technically feasible?218.3What are the legal challenges?22 239Conclusions and next steps 239.1Next steps 34Contributors Acknowledgements35 TheG20 has endorsed a roadmap towards better,bigger and more effectivemultilateral development banks (MDBs) (G20 (2024)). This roadmap, supported by theheads of 10 MDBs, aims to reform these institutions to address regional and globalchallengesmore effectively(World Bank (2024a)).The roadmap,among otherrecommendations, provides suggestions to enhance MDBs' financing capacity. Independently, but aligned with the roadmap goals, the BIS Innovation Hub,World Bank and Swiss National Bank are exploring how to make the fundingprocesses of MDBs fit for the 21st century. Today, MDBs fund their activities in variousways, including through member subscriptions and contributions, which are usuallypaid in cash or by paper-based promissory notes. MDBs leverage these funds byissuing bonds or other financial instruments to expand their financing capacity.However, the current manual processes associated with the lifecycle events of paper-based promissory notes, such as issuance, encashment, updates and archiving, aretime-consuming, cumbersome and require constant reconciliation. ProjectPromissa reimagines the management of promissory notes bydigitising financial commitments and putting them on a distributed ledger – a processknown as tokenisation. The project built a proof of concept (PoC) platform fortokenised promissory notes, exploring several key features: •Single source of truth– ensures real-time access to the true state of apromissory note (golden record)•Multiparty signatures– to automate the manual handling of lifecycle events•Confidentiality– ensures that records of the promissory notes are sharedexclusively with the involved parties•Sovereignty– preserves each party’s ownership, control and decision-makingauthority over their promissory notes. Project Promissa thoroughly examined technical feasibility and legal aspectsin collaboration with central banks, ministries of finance and MDBs. The test resultsindicate that the PoC effectively addresses key pain points and provides value to allparties, pending further evaluation of the identified legal aspects. The benefits demonstrated by the PoC have motivated project participantsto consider the potential operationalisation of this solution. To this end, three areasrequire further work. First, the solution must meet additional requirements such asenabling individual access with appropriate controls (eg the four-eyes principle),handling unexpected situations or errors (“unhappy paths”), and offering ways tointegrate with existing recordkeeping and payment systems. Second, the legal andcompliance aspects of tokenising promissory notes must be further examined in eachjurisdiction. Third, there needs to be a clear plan for who will run the platform, whowill pay for it and how it will be managed. Acronyms, abbreviations and definitions ADBAsian Development BankAPIapplicationprogramminginterfaceBISIHDamlBank for InternationalSettlementsInnovationHubasmart contract languagefor building composable DLT applicationsDLTdistributedledgertechnologyIBRDInternational Bank for Reconstruction and DevelopmentIDAInternational Development AssociationIFCInternational Finance CorporationIFIinternationalfinancialinstitutionIMFInternational Monetary FundIOUaphoneticabbreviationof the words“I owe you.”LLMlargelanguagemodelMDBAmultilateraldevelopmentbankis an international financial institutionchartered by two or more countries to encourage economicdevelopment in low- and middle-income economies.MoFministry of financeMVPminimum viable productPoCproof of concept 1Introduction TheG20 has endorsed a roadmap towards better,bigger and more effectivemultilateral development banks (MDBs) (G20 (2024)). This roadmap, supported by theheads of 10 MDBs, aims to reform these institutions to address regional and globalchallengesmoreeffectively(World Bank (2024a)).Theroadmapoffersrecommendations to enhance the financing capacity of MDBs and maximise theirdevelopmental impact. Independently, but aligned with the roadmap goals, the BIS Innovation Hub(BISIH), the World Bank and the Swiss National Bank are, through Project Promissa,exploring how to make the funding processes of MDBs fit for the 21st century. In the late 1960s and 1970s, financial markets adopted the immobilisation ordematerialisationof paper-based instruments(Norman (2008)).1 This meantentrusting