The 'Project Agorá', promoted by the Bank for International Settlements (BIS) with 7 central banks and over 40 private financial institutions, has completed a demonstration of a tokenization-based international wholesale payment prototype. According to the BIS report, the prototype tokenizes central bank reserves and commercial bank deposits into a shared distributed ledger (DLT). It explains that atomic settlement eliminates credit and settlement risks, and settlement is completed in a matter of seconds. Transaction parties can check the settlement status in real-time. The Bank of Korea, along with the Federal Reserve Bank of New York, the Bank of England, and the Bank of Japan, participated, and domestically, KB Kookmin Bank, Shinhan Bank, and Hana Bank were listed. Meanwhile, on the same day, the Bank of Canada also announced its joining of the project.
