Mexico City. The Bank for International Settlements (BIS), in coordination with seven central banks, including the Bank of Mexico (BdeM), announced plans to join forces with the private sector and evaluate how tokenization can improve the functioning of the monetary system.
The Agorá Project (whose meaning in Greek is “open meeting place”) brings together seven central banks: the Bank of France (representing the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Bank Swiss National, the Bank of England and the New York Federal Reserve.
According to a statement, everyone will work in collaboration with a large group of private financial companies convened by the Institute of International Finance (IIF).
He revealed that the project arises from the concept of a new type of architecture for financial market infrastructures, known as unified ledgerproposed by the BIS.
It will also explore how commercial banking tokenized deposits can be seamlessly integrated with central banks’ tokenized wholesale money into a programmable public-private core financial platform.
“Such a proposal could improve the functioning of the monetary system and offer new solutions using smart contracts and programming, maintaining the capital structure of the two-tier monetary system,” the BIS said in a joint statement with the BdeM.
#BdeM #joins #BIS #evaluate #tokenization #payment #system
– 2024-04-06 03:44:21
