Revolution in international payments: The Agorá Project and the potential of blockchain technology
Bank for International Settlements (BIS) and Institute of International Finance (IIF) on the Trail of Revolution in International Payments
BIS and IIF have decided to explore the potential of blockchain technology and tokenization to revolutionize international payments. So far, central banks have shown caution towards cryptocurrencies and blockchain, fearing instability and potential misuse for illicit activities.
Project Agorá – Accelerating International Payments through Central Bank Reserves Tokenization
As part of the pilot program, Project Agorá aims to secure and accelerate international payments through the tokenization of central bank reserves. The new payment system could bring substantial savings and improve transaction settlement speed.
Integrating Blockchain Technology with Existing Financial Systems
A key challenge will be integrating the new blockchain technology with existing financial systems and the need for regulatory changes. There is also a dilemma regarding the balance between blockchain decentralization and central bank control over the money supply.
The Future of Finance Depends on Intelligent Fusion of Tradition and Innovation
The finance of the future may result from a smart fusion of old and new solutions, where central banks adapt to changes while ensuring financial stability. The success of Project Agorá could have far-reaching implications for a more efficient and integrated global economy.
Project Agorá and research on blockchain technology and tokenization could be the future of international payments, opening up new possibilities for global finance.
