CandleFocus More than 40 Firms Join Central Bank Group to Explore Tokenization for Cross-Border Payments
2024-09-16
Author: Content Editor
The Bank for International Settlements (BIS) has announced that over 40 financial firms will join its central bank group, Project Agorá, to explore how tokenization can improve wholesale cross-border payments. Tokenization involves digitizing real-world assets, and the BIS wants to combine wholesale central bank money with tokenized commercial bank deposits. The project aims to overcome inefficiencies in cross-border payments, such as varying legal and regulatory requirements. The selected financial firms will now enter the design phase of the project.
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