Project Sela project
Overview
Project Sela is a joint proof-of-concept by the Bank of Israel and the Bank for International Settlements (BIS) Innovation Hub. It explores a retail central bank digital currency (CBDC) model that separates the operational and management roles through an 'access enabler' intermediary. The project tested a design where private-sector intermediaries ('access enablers') handle customer-facing services while the central bank manages the core ledger. The joint report, developed with technology partners FIS and M10 Networks, was published in September 2023.
Within the DeFi Intel graph, Project Sela connects to 3 tracked entities, most strongly to Bank for International Settlements, HKMA, Bank of Israel.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 3 of 3 total).
| Relation | Connected entity | Confidence |
|---|---|---|
led_by | Bank for International Settlements | 95% |
has_participant | HKMA | 90% |
has_participant | Bank of Israel | 90% |
Frequently asked questions
What is Project Sela?
Project Sela is a retail CBDC proof-of-concept developed by the Bank of Israel, the BIS Innovation Hub, and other stakeholders. It proposes a model where a central bank issues the CBDC and operates the core platform, while private-sector 'access enablers' handle user-facing services.
What problem does Project Sela aim to solve?
It seeks to balance efficiency and security in CBDC design by reducing the operational burden on central banks while maintaining direct central bank liability for the digital currency. The access enabler model attempts to lower barriers for private-sector participation.
What is the role of the 'access enabler' in Project Sela?
The access enabler is a regulated private-sector entity that provides user-facing services such as onboarding, authentication, and transaction initiation. It does not have direct access to the central bank's ledger, thereby maintaining the central bank's control over the CBDC's integrity.
What is Project Sela connected to?
In the DeFi Intel knowledge graph, Project Sela is linked to 3 other tracked entities, most strongly to Bank for International Settlements, HKMA, Bank of Israel.
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