Initiatives by Project Agora Bank for International Settlements (BIS) It is moving forward in collaboration with major central banks and the Institute of International Finance (IIF), and is calling for private sector involvement.
This project aims to explore how large-scale cross-border payments can be improved through tokenization.
Private financial institutions are encouraged to apply to participate in this scheme. project agora The application period is until May 31, 2024.
For more information on eligibility, terms and selection criteria, please visit application package.
Project Agora involves seven central banks, including the Banque de France (Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York.
The project seeks collaboration with a number of private financial companies under the IIF umbrella.
The initiative is based on the unified ledger concept proposed by BIS and aims to unify tokenized commercial bank deposits and tokenized wholesale central bank money.
This integration has the potential to improve the efficiency of monetary systems and enable innovative financial solutions using smart contracts and programmability.
Smart contracts could revolutionize the payment process and enable transactions that are currently unrealistic.
The partnership aims to address inefficiencies in current payment systems, particularly in cross-border transactions that face various legal, regulatory and technical challenges, as well as different business hours and time zones. is.
The focus is also on strengthening financial soundness management, including anti-money laundering measures.
Featured image credit: Edited from freepic
