BIS project finds tokenization could speed payments

A project by the Bank for International Settlements (BIS), named Agorá, suggests that tokenization could significantly enhance the speed and security of cross-border payments. This initiative, supported by prominent central banks, is progressing to real-value testing. The next phase will focus on settling tokenized central bank money and bank deposits using blockchain technology. The findings indicate a potential paradigm shift in international finance, promising more efficient and robust transaction mechanisms through the adoption of distributed ledger technology for financial settlements.