Project Sela claims to settle directly on central bank balance sheets without compromising people's data
The Bank for International Settlements’ Project Sela used novel intermediaries to cut liquidity risk for central bank digital currencies.Central bank digital currencies can be set up to be secure and private while allowing transactions to be settled on the central bank’s own ledger, the Bank for International Settlements has said as it outlines the results of its Project Sela.
“If central bank money is to go digital, cybersecurity is key,” Andrew Abir, Deputy Governor of the Bank of Israel, which is examining whether to issue a digital shekel, said in a statement. “The project proved the feasibility of the model we had in mind.”
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