BIS and G7-Led Pilot Scheme with 40 Banks and Central Banks Explore Unified Ledger and Digital Currency Platform

Project Agorá, an initiative by the BIS Innovation Hub, has brought together seven central banks and over 40 private sector financial firms to explore a unified ledger for cheaper, faster, and more transparent wholesale cross-border payments.

In parallel, a G7-led pilot scheme involving 40 of the world's leading commercial banks, the New York Fed, and central banks from Europe, Korea, and Japan is testing a new digital currency platform.

This initiative, announced on September 16, aims to integrate tokenized commercial bank deposits with wholesale central bank money, marking a significant step towards CBDC.

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