HomeNewsTokenized green bonds trial is over, according to BIS, UN, and Hong...

Tokenized green bonds trial is over, according to BIS, UN, and Hong Kong Monetary Authority


The joint investigation of blockchain prospects for green investments continued with Project Genesis 2.0.

The outcomes of the Genesis 2.0 effort were presented by the Bank for International Settlements (BIS), the Hong Kong Monetary Authority, and the United Nations Climate Change Global Innovation Hub. The project seeks to investigate the application of blockchain, smart contracts, and the Internet of Things (IoT) for a cause related to the global environment.

The project produced two tokenized green bond prototypes that are “de facto certified carbon credits,” acknowledged by either international, national, or other verification procedures. These prototypes were created by two independent worldwide teams.

Both “green bond” prototypes, as stated in the press release from October 24, were created utilizing blockchain and smart contracts, which guarantee the tracking of mitigation result interests (MOIs). An crucial concept in the vocabulary of economically conscious environmental activities is MOI. It enables issuers to borrow in advance against the delivery of the carbon credits and enables them to advance-fund their green economy initiatives.

The initial prototype, created by Goldman Sachs, Allinfra, and Digital Asset, demonstrated how bonds and MOIs might be delivered via smart contracts, and also offered source data openness made possible by Internet of Things technology.

The second prototype was constructed on an interoperable host chain and was created by InterOpera in partnership with Krungthai Bank, Samwoo, and Sungshin Cement. Combining blockchain technology

Throughout the whole green bond life cycle, MOIs were also digitally tracked, supplied, and transferred.

The BIS and Hong Kong Monetary Authority’s Project Genesis 1.0 was expanded upon by Project Genesis 2.0. The concept of tokenizing retail green bonds was then examined by various private consortiums utilizing both a permissioned blockchain and a public blockchain. The objectives of Project Genesis 2.0 were to address the additionality of green bonds and the problem of greenwashing.

Among international institutions, BIS continues to be one of the most proactive researchers of the digital economy. It completed a multi-jurisdictional central bank digital currency (CBDC) pilot in September after a month-long test phase that enabled real-value cross-border transactions worth $22 million.

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