The Bank for International Settlements will launch real value transaction testing for its digital cross-border payment project

According to Bloomberg, the Bank for International Settlements (BIS) and its partners are about to launch a real-value transaction test for the digital cross-border payment project Project Agorá. This project involves the BIS, seven central banks, and more than 40 regulated institutions, including the New York Fed, the European Central Bank, the Bank of Japan, the Bank of England, as well as JPMorgan, UBS, Deutsche Bank, and others.

The prototype adopts the concept of a "unified ledger," utilizing blockchain technology to complete interbank transfers between different countries in seconds, trading in an "atomic" manner. The system retains existing sanctions enforcement and anti-money laundering screening mechanisms. The BIS stated that tokenization can safely and effectively address the inefficiencies of wholesale cross-border payments. The Bank of Canada has joined the project, and more private institutions are expected to join as well.

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