Central Banks Embrace Tokenization for Cross-Border Payments 🌍🚀

Fresh Approach to BIS’s Project Agorá

Explore the latest updates on the Bank for International Settlements (BIS) and its Project Agorá, a groundbreaking initiative in the world of finance.

Project Agorá: A Closer Look

Here is an in-depth analysis of the BIS’s Project Agorá and its significance in the financial landscape:

– Hyun Song Shin, head of research at BIS, emphasizes the importance of testing the technology in real-world conditions.
– The project aims to assess the viability and impact of new technologies within operational and regulatory frameworks.
– The BIS is set to collaborate with private financial institutions to drive innovation and adoption.
– Financial companies operating in various currencies will play a vital role in shaping the future of Project Agorá.

New Projects in Focus

BIS unveiled its plans for the year, featuring six new projects addressing key challenges in the financial sector:

– Explore the latest developments in cybersecurity and financial crime prevention.
– Stay updated on the progress of Project Promissa, a collaboration between BIS, Swiss National Bank, and the World Bank.
– The project aims to develop a proof-of-concept platform for digital tokenized promissory notes.

BIS’s Advocacy for CBDCs

Throughout 2023, the BIS has been a strong advocate for Central Bank Digital Currencies (CBDCs) while highlighting concerns about stablecoins:

– Agustín Carstens, the BIS’s general manager, emphasizes the importance of central banks leading digital innovation.
– CBDCs are positioned as a central element of this digital transformation in the financial sector.