BIS to Start Real-Value Trials for Blockchain Cross-Border Payments Project With BOK, Fed, ECB
Summary
- The Bank for International Settlements (BIS) said it will begin real-value transaction trials for the blockchain-based cross-border payments project Project Agorá.
- The test will include the Bank of Korea, the Federal Reserve Bank of New York, the European Central Bank, the Bank of Japan, the Bank of England, as well as JPMorgan, UBS, Visa, Mastercard, KB Kookmin Bank, Shinhan Bank and Hana Bank.
- Project Agorá uses a blockchain-based unified ledger to tokenize central bank reserves and commercial bank deposits and implement atomic settlement, marking a stage in testing the feasibility of blockchain-based cross-border payments with real funds.
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The Bank for International Settlements will begin live transaction testing for a blockchain-based cross-border payments project.
Bloomberg reported on May 27 that the BIS is preparing to start real-value transaction trials for Project Agorá. Participating central banks include the Bank of Korea, the Federal Reserve Bank of New York, the European Central Bank, the Bank of Japan and the Bank of England.
Private-sector participants include JPMorgan, UBS, Visa and Mastercard. South Korean lenders KB Kookmin Bank, Shinhan Bank and Hana Bank are also part of the project.
Project Agorá aims to use a blockchain-based unified ledger to tokenize central bank reserves and commercial bank deposits and enable atomic settlement.
Atomic settlement means both sides of a transaction are completed simultaneously, removing the risk that only one side is processed first.
Bloomberg said the test is meaningful because it marks a stage at which central banks and global financial institutions are using real funds to assess the feasibility of blockchain-based cross-border payments.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
