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Bank of International Settlements Work With Asian Central Banks Through Projects Mariana And Mandala

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Today’s Cryptocurrency Headline

The Bank of International Settlements (BIS) announced two separate initiatives, Project Mariana and Project Mandala. Project Mariana was developed jointly by three BIS Innovation Hub centers together with Banque de France, Monetary Authority of Singapore (MAS), and Swiss National Bank. The project successfully conducted a proof of concept, testing cross-border trading and settlement of wholesale CBDCs (wCBDCs) in hypothetical Euros, Singapore dollars, and Swiss francs. Project Mandala was spearheaded by BIS Innovation Hub Singapore Centre with the Reserve Bank of Australia (RBA), Bank of Korea (BOK), Bank Negara Malaysia (BNM), and MAS, as well as supported by simulated financial institutions, to examine the potential of embedding jurisdiction-specific policy and regulatory requirements into a common protocol, simplifying cross-border use cases like foreign direct investment, borrowing, and payments.


BingX’s Bitcoin Chart

Source: TradingView & BingX

As analysed yesterday, the market has started a new round of correction, with altcoins experiencing significant declines, while BTC remains relatively stable. From the daily chart perspective, the downward trend of most altcoins is far from over, and the current decline is only an early signal. Combined with the continuous unlocking and increasing circulation of most altcoins, the overall trend of altcoins is not optimistic, and investors need to pay close attention. On the other hand, BTC’s current pullback is within a reasonable range. The support level is at $27,300 and the resistance level is at $28,000.


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