BASEL, Switzerland—The Bank for International Settlements (BIS) has joined with seven central banks in announcing plans to join forces with the private sector in exploring how tokenization can enhance the functioning of the monetary system.
The BIS said its “Project Agorá” is bringing together the Bank of France (representing the Eurosystem), Bank of Japan, Bank of Korea, Bank of Mexico, Swiss National Bank, Bank of England and the Federal Reserve Bank of New York.
They will seek to work in partnership with a large group of private financial firms convened by the Institute of International Finance (IIF), BIS said.
According to the BIS, the project builds on the unified ledger concept proposed by the BIS and will investigate how tokenized commercial bank deposits can be seamlessly integrated with tokenized wholesale central bank money in a public-private programmable core financial platform.
“This could enhance the functioning of the monetary system and provide new solutions using smart contracts and programmability, while maintaining its two-tier structure,” BIS said.
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