In response to social media claims linking Pi Nexus, a blockchain-based financial initiative on Pi Network, with the news of the Bangko Sentral ng Pilipinas (BSP) joining Bank for International Settlements (BIS)’s Project Nexus, BitPinas published this article to clarify and debunk the misinformation.
What’s the significance: The clarification is important to separate Pi Nexus and Project Nexus, two unrelated initiatives, and clear up misinformation, helping readers understand each project’s true purpose and make informed decisions.
- This is also important as rumors of Tesla Pi Phone also circulated, which was also not true.
Are Claims True?
Key Details: Several social media posts claim that Pi Nexus is connected to Project Nexus, including one suggesting that Pi Network participated in a signing ceremony in Basel, Switzerland, on June 30, 2024, with the presence of high-ranking banking officials from various countries.Â
- Fact Check: The particular event was attended by BSP Governor Eli M. Remolona, Jr. along with central bank leaders from India, Malaysia, Singapore, and Thailand.
- The event marks the completion of phase three of the Nexus project, a collaboration among central banks in Southeast Asia and India to improve cross-border payments.
The Two Entities Involved
What is Pi Nexus? Pi Nexus claims to be a platform that combines the security and scalability of the Stellar protocol with the decentralized network architecture of Pi Network.
What is Project Nexus? It is an initiative led by the BIS and central banks across Asia, aimed at enhancing cross-border payments by connecting multiple domestic instant payment systems (IPS).Â
- It aims to standardize how domestic IPS interacts, allowing a single connection to Nexus for easier global transactions.
- The project focuses on low-cost, fast, and seamless transactions across borders.
- What is the Bank for International Settlements? It is an international financial institution owned by central banks that aims to foster international monetary and financial cooperation and serves as a bank for central banks.
The Make Things Clear
Pi Nexus is not tied to central banks or the global financial system, unlike Project Nexus.
The Bottom Line: Pi Nexus and Project Nexus are separate initiatives with different purposes and technologies, and it is crucial for the public to understand their distinction to avoid confusion.
Worth Reading: Conversely, the BSP is also set to reopen digital banking license applications in 2025, emphasizing that institutions operating like digital banks must secure proper licenses and meet stricter standards.
This article is published on BitPinas: Fact Check: Is Pi Nexus Really Linked to BIS & BSP Project Nexus?
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