Project Agorá Launched by BIS
The Bank for International Settlements (BIS), often referred to as the central bank for central banks, has launched Project Agorá in April. The initiative brings together seven monetary authorities from the U.K., Japan, South Korea, Mexico, Switzerland, New York and Europe to explore how tokenization can be used in wholesale cross-border payments.
40+ Financial Firms to Join Project Agorá
More than 40 financial firms will join the BIS to explore the potential of tokenization for cross-border payments through Project Agorá. The firms were selected by the BIS following a public call for participation in May, and the project will now begin the design phase.
Tokenization and Its Benefits
Tokenization is the digitization of real-world assets, and several countries have been exploring how to maximize this nascent technology. The BIS believes that tokenized commercial bank deposits can be seamlessly integrated with tokenized wholesale central bank money in a public-private programmable core financial platform, which could help overcome structural inefficiencies in cross-border payments.
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