💰 Central Banks and Tokenization: Moving Towards the Development of Cross-border Payments ❗️

💰 Central Banks and Tokenization: Moving Towards the Development of Cross-border Payments ❗️

The "Agorá" project will involve the participation of the Bank of France🇫🇷 (representing the EU), the Bank of Japan🇯🇵, the Bank of South Korea🇰🇷, the Bank of Mexico🇲🇽, the Swiss National Bank🇨🇭, the Bank of England🇬🇧 and the Federal Reserve of New York🇺🇸 — in partnership with a large group of private financial firms, organized by the International Finance Institute (IIF). It is worth noting that "Agorá", in Greek, means "market".

➡️ The project is based on the concept of a unified register proposed by the Bank of International Payments (BIS) and will explore how tokenized deposits from commercial banks can be integrated with the wholesale tokens of central banks.

➡️ The initiative will use smart contracts.

➡️ If the integration is successful, Swift will become obsolete... making it simpler for regulators to track suspicious transactions.

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