Project Pine: central bank open market operations using tokenisation and smart contracts | SpinGraph: Strategic reset
SpinGraph analysis of BIS Innovation Hub's Project Pine: central bank open market operations using tokenisation and smart contracts story: strategic reset, The…
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Project Pine: central bank open market operations using tokenisation and smart contracts - Bank for International Settlements
tokenisation, open market operations, smart contracts, BIS Innovation Hub
Project Pine is a BIS Innovation Hub initiative exploring tokenised government securities and automated execution of open market operations via smart contracts. It targets technical feasibility, legal interoperability, and operational resilience — not deployment or policy adoption. The project involves multiple central banks and private-sector partners in a sandbox environment, with no stated timeline for implementation.
Emphasises technical readiness and collaborative governance; minimises unresolved tensions between deterministic smart contract execution and discretionary monetary policy, and omits evidence of real-world stress-testing beyond lab environments.
Public-interest infrastructure upgrade led by trusted multilateral institutions
The BIS launched Project Pine to use blockchain and smart contracts for central bank open market operations.
No disclosure of third-party audit findings, failure modes observed in testing, or divergence among participating central banks on design choices
Combines the credibility of the BIS brand with neutral technical language ('tokenisation', 'interoperability') and public-good framing ('systemic stability', 'resilience') to elevate a narrow technical experiment into a symbol of prudent modernisation — while offering no evidence of real-world robustness, legal resolution, or policy alignment beyond lab conditions.
Project Pine explores the use of tokenisation and smart contracts to conduct central bank open market operations.
Project Pine: central bank open market operations using tokenisation and smart contracts
Extracted statistics from the source narrative
Stated as a multi-year proof-of-concept; no go-to-market date disclosed