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Central banks are experimenting with smart contracts to implement monetary 
policy in tokenized environments, signaling a growing interest in integrating 
blockchain technology into traditional finance (TradFi).
According to a joint research study by the Federal Reserve Bank of New York&#8217;s 
Innovation Center and the Bank for International Settlements (BIS) Innovation 
Hub Swiss Centre, smart contracts could offer central banks a flexible and 
rapid-response toolkit in a tokenized financial system.
The study, dubbed Project Pine, tested a prototype &#8220;generic customizable 
monetary policy tokenized toolkit&#8221; for further research by central banks, 
according to a BIS report published May 15.
&#8220;The smart contract toolkit was fast and flexible,&#8221; the BIS wrote. &#8220;In 
hypothetical scenarios, the central bank was able to add and change tools 
instantly.&#8221;
The report emphasized that if tokenization becomes widely adopted for money 
and securities, smart contracts could play a central role in how monetary 
policy is executed.
_Project Pine system overview. Source: BIS_
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This marks the &#8220;first step&#8221; in highlighting the potential benefits of 
tokenization for central banks, according to the BIS.
The framework &#8220;speed and consistency&#8221; was &#8220;validated&#8221; within a 10-minute 
hypothetical scenario where central banks quickly changed collateral criteria 
and exchanged liquid collateral for illiquid one amid falling collateral 
values.
The smart contract framework also allowed central banks to deploy a new 
facility offering reserves and change the interest rates on these reserves in 
an &#8220;immediate&#8221; implementation.
_Project Pine, smart contract operations. Source: BIS_
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## Smart contracts, tokenization may help central banks
Smart contracts and tokenization technology may help central banks&#8217; rapid 
response to &#8220;extraordinary events,&#8221; the BIS report stated:
&gt; &#8220;This speed, coupled with the ability to adjust any of the parameters at any 
&gt; time, gives central banks flexibility in responding to unforeseen events and 
&gt; fast-moving crises.&#8221;
While promising, the report also acknowledged that central banks will likely 
face infrastructure challenges, as most existing systems are not designed for 
these advanced use cases.
_Smart contract testing scenario. Source: BIS_
Project Pine employed Ethereum&#8217;s ERC-20 token standard combined with another 
standard for &#8220;access control.&#8221;
Financial institutions have increasingly embraced tokenization in recent 
years.
At the Consensus 2025 conference, Joseph Spiro, product director at DTCC 
Digital Assets, called stablecoins the &#8220;perfect&#8221; financial instrument for 
real-time collateral management for financial transactions such as loans or 
derivatives.
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