Page 12 - PROJECT KHOKHA 2

BACKGROUND
Several central banks have been exploring how a wCBDC
can play a role as a safe settlement asset and potentially be used to optimise cross-border settlements between financial institutions as a key component of international transactions. Ultimately, the use of central bank money in securities transactions could enhance the safety and efficiency of the primary and secondary markets and extend the use of central bank money to new use cases in a tokenised world. Figure 2 below depicts some of these projects within the three waves of wCBDC exploration identified in PK1.
Figure 2: The waves of wCBDC exploration
Wave 2
Understanding the interconnected issues of confidentiality, finality and resilience
Wave 3
• Project Khokha 2 interoperability, • Project Dunbar
Exploring
• Jasper-Ubin Collaboration
cross-border transactions and securities settlement
• Project Stella Phase 1 • Project Khokha Phase 1 • Project Jasper Phase 2 • Project Ubin Phase 2
• Project Ubin 5 • Project Helvetia
• Project Inthanon-LionRock • Project Atom
• Project Jura
Wave 1
Building of relatively
simple proof-of- concepts built on Ethereum
2016
• Project Ubin Phase 1
• Project Jasper Phase 1
• Central Bank of Brazil ‘Pier’
2017
2018 2019
2020
2021 2022
12 PROJECT KHOKHA 2