With Agora — Greek for market — the BIS is exploring the creation of an international platform on which tokenized assets can be bought and sold using digital currencies backed by the participating central banks, which issue the world’s most important reserve currencies. On this unified ledger, investors can trade across borders using virtually risk-free central-bank money.
“Given the high level of interest in Project Agora and its large scale, the BIS chose to work with the Institute of International Finance to convene the private sector participants,” project lead Morten Bech told Bloomberg on Tuesday. “This collaboration was very helpful in being able to complete the selection and onboarding process in a timely manner.”