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25 April 2024
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BIS Launches Project Agorá in Collaboration With Several Central Banks

BIS Launches Project Agorá in Collaboration With Several Central Banks

  • The global financial services sector is showing a growing interest in tokenization.
  • Project Agorá hopes to introduce new features like smart contracts and programmability.

The announcement of Project Agorá’s commencement was made by the Bank for International Settlements (BIS). The goal of this collaborative effort between private financial companies and seven national banks—the UK, Japan, South Korea, Mexico, Switzerland, and Europe—is to investigate the possibility of combining central bank funds with tokenized deposits from commercial banks.

A “usable” solution that might improve the efficiency and practicality of the monetary system is what Project Agorá is aiming to provide by combining smart contracts with prophecy principles.

More Efficient and Less Expensive

Investigating the possibility of a frictionless merger between wholesale money tokens issued by central banks and commercial bank deposit tokens is the primary goal of Project Agorá. The global financial services sector is showing a growing interest in and experimentation with tokenization, which prompted this step.

Major financial institutions’ recent actions, such as tokenizing U.S. Treasury notes and gold show how quickly the financial sector is undergoing a digital revolution.

Using a public-private programmable core financial platform, Project Agorá hopes to preserve the monetary system’s dual-tier structure while introducing new features like smart contracts and programmability.

Participating central banks’ currencies are the subject of this project’s operational, regulatory, and legal details in addition to technical innovation. Cecilia Skingsley, Head of the BIS Innovation Hub, highlighted the importance of financial businesses operating in these contexts and companion testing of technologies inside these frameworks.

International transactions will be more efficient and less expensive as a result of Project Agorá’s efforts to build a more comprehensive payment infrastructure that can link various payment systems.

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