Today, the Bank for International Settlements (BIS) Innovation Hub unveiled Project Agorá, a major initiative aiming to tokenize cross border payments. This is the first project in line with its concept of a Unified Ledger. It seeks to unite seven central banks and commercial banks on a shared, programmable infrastructure to facilitate cross-border transactions.
“We believe that tokenization represents the next frontier in the digitalization of money and payments. Agorá stands out as the most ambitious project undertaken by the BIS Innovation Hub to date,” said Cecilia Skingsley, Head of the BIS Innovation Hub. Unlike other BIS Innovation Hub initiatives, which are considered exploratory, this one is on another level.
The project will encompass most of the major currencies, including the USD, Euro, GBP, and Yen. Consequently, the participating central banks are the Bank of France (for the Eurosystem), Bank of Japan, Bank of Korea, Bank of Mexico, Swiss National Bank, Bank of England, and the Federal Reserve Bank of New York.
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