Central Banks to Explore Tokenization of Cross-Border Payments With Project Agora

cryptonews.com:

A consortium of central banks worldwide, led by the Bank for International Settlements (BIS), announced a new initiative, “Project Agora,” to explore the potential of tokenization to enhance existing financial systems.

The BIS, representing 63 central banks globally, is engaged in various projects focused on national digital currency issuance and enhancing market efficiency through crypto network technologies.

The BIS, central banks and private sector are embarking on Project Agorá to explore #Tokenisation of cross-border payments @banquedefrance @Bank_of_Japan_e @bok_hub @Banxico @SNB_BNS @bankofengland @NewYorkFed https://t.co/mDFKBqNCqc pic.twitter.com/GRsEButU2I

— Bank for International Settlements (@BIS_org) April 3, 2024

The Bank for International Settlements (BIS) has embarked on a groundbreaking initiative named Project Agorá, collaborating with a consortium of private financial institutions. This project aims to amalgamate wholesale versions of tokenized central bank money and commercial bank deposits onto a unified, programmable platform.

Project Agorá, translating to “marketplace” in Greek, involves seven monetary authorities from various regions, such as the U.K., Japan, South Korea, Mexico, Switzerland, New York, and Europe, in partnership with private financial firms. The primary objective is to address challenges in cross-border payments arising from disparate legal, regulatory, and technical frameworks, operational hours, and time zones.

Project Agorá’s main focus will be to increase the speed and integrity of #CrossBorderPayments, while lowering costs @banquedefrance @Bank_of_Japan_e @bok_hub @Banxico @SNB_BNS @bankofengland @NewYorkFed https://t.co/mDFKBqNCqc pic.twitter.com/fh2XUxqpoK

— Bank for