Successfully completed live trading test, Bank of Korea participates in BIS global tokenization payment project

According to Odaily, the Bank of Korea has participated in the real transaction testing of the global payment and settlement project Agora, led by the Bank for International Settlements, and has successfully completed transactions using tokenized reserve funds. A total of 28 institutions took part in this test, including the Bank of Korea, central banks from various countries, and private financial institutions. The currencies involved included the Korean won, US dollar, euro, pound sterling, Swiss franc, and Japanese yen. Domestic Korean institutions that participated included KB Kookmin Bank, NongHyup Bank, Shinhan Bank, Woori Bank, and Hana Bank. The participating institutions conducted real transaction testing valued at approximately 800,000 Swiss francs, covering multiple currencies with a total of 17 transaction scenarios tested. The Bank of Korea stated that in the future, the Agora project plans to conduct more real transaction tests by identifying transaction types and scenarios not covered in this round of testing.