国际清算银行-松项目：央行利用智能合约进行公开市场操作（英）

Central bank open market operationswith smart contracts May 2025Project PineProject Pine: Central bank open market operations with smart contracts Project Pine aims to contribute to a broad and transparent public dialogue regarding potential applications of new technologies in the financial sector. The New York Innovation Center at the Federal Reserve Bank of New York’s participation in Project Pine was limited to research and experimentation purposes. The content of this report should not be interpreted to reflect any policies or directives of the Federal Reserve Bank of New York or any other parts of the Federal Reserve System, and does not necessarily reflect the views of the Federal Reserve Bank of New York or any other parts of the Federal Reserve System. Project Pine is not intended to advance any specific policy outcomes, nor does it represent any work by the Federal Reserve to establish, issue or promote any central bank digital currency within the United States or abroad. Project Pine: Central bank open market operations with smart contracts Contents Executive Summary ................................................................................................................................................................ 1 1. Introduction ...................................................................................................................................................................... 2 2. Assumptions and Requirements .............................................................................................................................. 4 2.1 Assumptions ............................................................................................................................................................. 4 2.2 Requirements ........................................................................................................................................................... 5 3. Prototype and testing infrastructure ................................................................................................................... 10 3.1 Architecture Overview ........................................................................................................................................ 10 3.2 Token Arrangement ............................................................................................................................................ 12 3.3 Testing Arrangement .......................................................................................................................................... 15 3.4 Testing Approach ................................................................................................................................................. 19 4. Findings and Considerations .................................................................................................................................. 21 4.1 Technical Findings .