Bank of Korea Joins Live Transaction Test for BIS-Led Project Agorá
Summary
- The Bank of Korea said it took part in a live transaction test for Project Agorá, a cross-border payments initiative that uses central bank digital currencies (CBDCs) and tokenized deposits.
- The live transaction test involved central banks from eight countries, including South Korea, the US, Japan, the UK and France, as well as more than 40 financial institutions and South Korea’s five largest commercial banks.
- The BOK said it plans to remain actively involved in Project Agorá and will also review how to secure interoperability between the Agorá platform and its own CBDC project, Project Hangang.
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The Bank of Korea said July 30 that it participated in a live transaction test for Project Agorá, a cross-border payments initiative using central bank digital currencies, or CBDCs, and tokenized deposits.
Project Agorá is a public-private collaboration led by the Bank for International Settlements and the Institute of International Finance. The project includes central banks from eight countries, including South Korea, the US, Japan, the UK and France, along with more than 40 financial institutions.
The live test involved 28 institutions, including the BOK and South Korea’s five largest commercial banks: KB Kookmin, NH NongHyup, Shinhan, Woori and Hana.
The test covered 17 scenarios, including single-currency and dual-currency transactions between banks and between companies. The currencies involved were the Korean won, the US dollar, the euro, the yen and the pound sterling.
Project Agorá said the test confirmed that the main functions and processes of the Agorá platform, built in May, can operate reliably.
The BOK said it plans to remain actively involved in Project Agorá. It will also review ways to secure interoperability between the Agorá platform and its own CBDC initiative, Project Hangang.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul