Hassan Shittu
Last updated:
April 3, 2024 16:38 EDT
| 3 min read
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.
BIS Embarks on Project Agorá to Test Tokenization of Central Bank Digital Currencies and Payment Systems.
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.
The BIS plans to issue detailed instructions and requirements for participation, providing a grace period for private banks to join the collaboration. The project’s core focus lies in exploring seamless integration between tokenized commercial bank deposits and wholesale central bank money within a public-private programmable financial platform.
Central to this integration are smart contracts, a hallmark of the cryptocurrency sector, which will facilitate automatic transaction execution. The BIS foresees this integration as a means to bolster the monetary system’s functionality and offer innovative solutions leveraging smart contracts and programmability while preserving the system’s established two-tier structure.
Tokenization, a process involving the digitization of real-world assets into tokens, has gained significant traction among financial institutions worldwide. A recent report endorsed by the U.K. government urged local businesses to advance their...
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