BIS and banks build blockchain cross-border payments prototype

▤ Summary

The Bank for International Settlements and several major banks will begin testing a blockchain-based prototype for cross-border payments. The project, known as Project Agora, moves from concept into a trial stage with real-value transfers. Participants want to make international settlements faster and cheaper while keeping compliance controls intact. The prototype uses a unified ledger approach that combines tokenized central bank reserves and commercial bank deposits on a shared platform. The initiative could reshape the infrastructure behind global payments if the trial succeeds.

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