Bank of Korea Joins International Tokenized Deposit Project

The 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.