Project Sela: A Joint Venture Validates the Viability of Retail-Centric Central Bank Digital Currencies

A joint effort known as Project Sela aimed to explore and establish a retail-centric central bank digital currency (CBDC).



The Bank for International Settlements (BIS), Hong Kong's Monetary Authority (HKMA), and the Bank of Israel have successfully demonstrated the viability of a secure retail CBDC, as reported on Sep. 12.



BIS-coordinated "Project Sela" showcased an rCBDC that brings the benefits of physical currency without compromising on cyber security, user confidentiality, or accessibility.



The project drew insights from the Israeli Central Bank's exploration of a digital shekel and the HKMA's research into an electronic Hong Kong dollar.



Bénédicte Nolens, who leads the BIS Innovation Hub in Hong Kong, highlighted the introduction of a novel CBDC intermediary mechanism termed "Access Enabler". Nolens explained that t
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