International Settlement Bank Blockchain Project Agorá: Seven Central Banks Explore Tokenized Finance and CBDC Integration

The Bank for International Settlements (BIS) and seven central banks are embarking on the Agorá project, named after the bustling marketplaces in ancient Greece, symbolizing the ambition to become a new center for financial exchange. Agorá is a project exploring tokenization based on blockchain technology.

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Central Banks Joining Forces with Private Sector for Cross-Border Payments

Imagine a world where your money can seamlessly move between continents without getting entangled in the current complexities of banking networks.

The Agorá team consists of leaders from the French, European, Japanese, Korean, Mexican, Swiss, and British banks, as well as the New York Federal Reserve Bank. Along with the Institute of International Finance (IIF) rallying a strong alliance from the private sector, they commit to setting new standards for global financial operations through collaboration.

Unified Global Bank Ledger

The core of Agorá's plan is a vision that could potentially alter the nature of currency transactions.

The project aims to merge tokenized commercial bank deposits with wholesale central bank money to create an innovative and inclusive digital architecture. This "public-private programmable core financial platform" not only has the potential to change the rules of the game, simplify operations, and mainstream smart contracts, but also make financial transactions more intelligent, fast, and efficient.

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Shaping the Future of Financial Transactions with Smart Contracts

The Agorá project aims to achieve settlement methods and transaction types that have been too complex or even impractical until now through smart contracts. This has profound implications for both businesses and individuals.

Outdated Constraints of Cross-Border Payments

The current cross-border payment systems face criticism due to regulatory, technological, and operational obstacles. The Agorá project also includes improvements in legal frameworks and maintaining the integrity of financial controls to create a more seamless financial ecosystem.

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