BIS Project Agorá: 40+ Financial Firms Explore Tokenized Central Bank Currencies for Cross-Border Payments

COINOTAG reported on September 17 that the Bank for International Settlements (BIS) has embarked on an initiative involving over 40 participating financial firms. These firms are set to examine the use of tokenization in enhancing wholesale cross-border payments under Project Agorá. Chosen from a broad participant pool in response to a public call in May, these companies are now engaging in the project’s design phase. According to BIS’s latest update, this initiative hinges on a unified ledger concept and aims to explore the fusion of tokenized commercial bank deposits with tokenized wholesale central bank currencies within a programmable financial platform. The project represents a significant stride in potentially revolutionizing cross-border payments. Sources: CoinDesk.