Bank of Korea Joins International Tokenized Deposit Project
The Bank of Korea announced it will participate in Project Agora, a trial led by the Bank for International Settlements that tests tokenized commercial bank deposits for cross-border payments.
finance.yahoo.comThe Bank of Korea said Wednesday it will actively join an international project exploring how tokenized commercial bank deposits could improve the financial system, especially for cross-border payments. Under the project, called Project Agora, the Bank of Korea has increased cooperation with the Bank for International Settlements and six other central banks.
The Bank of Canada also joined the effort, which studies tokenization of wholesale central bank money and commercial bank deposits.
In a statement, the Bank of Korea said it will participate in a trial of real-value transactions on the digital currency platform.
Key Facts
Potential Impact
- 01
Trial participation may inform future policy on tokenized deposits.
- 02
Cross-border payment systems could see technical updates if trial succeeds.
Transparency Panel
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