The Bank for International Settlements (BIS) and several central banks, including Australia, Korea, Malaysia, and Singapore, have collaborated on Project Mandala. This initiative aims to improve regulatory compliance in cross-border transactions by automating processes and ensuring real-time reporting.
Employing a compliance-by-design approach, Project Mandala works through a decentralized system with a peer-to-peer messaging system, rules engine, and proof engine. These components guarantee compliance checks before initiating payments and generate proof of compliance for digital settlement assets or payment instructions.
Additionally, Mandala integrates with emerging digital asset settlement systems and supports programmable compliance for digital assets, making it adaptable and versatile for future digital asset ecosystems and current financial infrastructures.
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<p>The post New Initiative Aims to Enhance Cross-Border Transactions Efficiency and Compliance first appeared on CoinBuzzFeed.</p>
