The Bank for International Settlements has partnered with some of the world's largest banks and credit card companies on a blockchain-based project aimed at revolutionizing global cross-border transfers. JPMorgan Chase, Deutsche Bank, UBS Group, as well as Visa Inc. and Mastercard, have all joined the Agora project, which launched in May. The full list of private sector participants includes 41 companies, which will participate alongside seven central banks in the US, the eurozone, Japan and the UK.
The Bank for International Settlements is exploring the creation of an international platform through Agora (Greek for market), where token assets can be bought and sold using digital currencies backed by participating central banks, which issue the world's most important reserve currency. On this unified ledger, investors can transact across borders using virtually risk-free central bank currencies. Currently, the only relatively safe currency is cash, which does not exist in digital form.
JPMorgan Chase, UBS and others join the Bank for International Settlements' blockchain-based cross-border transfer reform plan
2024-09-18 15:34:54
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