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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