In brief: Agora project validates its technical feasibility
Bank for International Settlements (BIS) submitted Its main objective is to digitise cross-border payments in April 2024. Baptized Agora projectIn particular, it must build on a cooperative effort by central banks and other international financial actors. It has just validated its technical feasibility.
The Agora project has therefore successfully validated its prototype in real-life situations, demonstrating the feasibility of cross-border settlement through tokenisation.
In concrete terms, the test validated today shows that it is possible to carry out secured multicurrency transactions on a shared platform, using central bank reserves and tokenized commercial bank deposits.
Beyond technological innovation, Agora ensures compliance with regulatory requirements and privacy protection. Central banks retain their autonomy over their currencies through a layered architecture and the legal nature of reserves and deposits remains unchanged.
This validation now opens the way for transactions in real value, with the aim of providing unprecedented efficiency, security and transparency in international settlement. The public and private partners involved, including eight central banks (the Bank of England, the Federal Reserve of New York, the Bank of France (representing the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank and the Bank of Canada) and more than forty financial institutions, will extend their collaboration in new tests and explorations.
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