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BIS and Global Central Banks Forge New Path in Asset Tokenization

The Bank for International Settlements (BIS) teams up with seven central banks, including those from France, Japan, and the US, for a venture named Project Agora. This initiative aims to integrate asset tokenization into the monetary framework, promising a significant leap towards efficient and seamless cross-border payments.

Project Agorá’s main focus will be to increase the speed and integrity of #CrossBorderPayments, while lowering costs @banquedefrance @Bank_of_Japan_e @bok_hub @Banxico @SNB_BNS @bankofengland @NewYorkFed https://t.co/mDFKBqNCqc pic.twitter.com/fh2XUxqpoK

— Bank for International Settlements (@BIS_org) April 3, 2024

Project Agora leverages a unified ledger model to merge tokenized bank deposits with central bank digital currencies (CBDCs). This blend is set to harness smart contracts and programmability, potentially transforming monetary transactions while preserving the traditional two-tier system.

The collaboration addresses the intricate maze of international payments marred by diverse legal and technical standards. By setting a common ground for payment infrastructures, Project Agora aspires to achieve interoperability among digital currencies, leading to a more interconnected and efficient global financial ecosystem.

Also Read: Dragonfly Spearheads $12M Seed Funding for Agora’s Stablecoin Launch

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