BOK, BoE expand cooperation on tokenization projects
SEOUL, Oct. 20 (Yonhap) -- The Bank of Korea (BOK) said Tuesday it is expanding ...
On October 20, the Bank of Korea (BOK) announced it is strengthening collaboration with the Bank of England (BoE) on tokenization initiatives. On Monday, BoE Deputy Governor for Financial Stability Sarah Breeden journeyed to the BOK to engage with Korean officials on advancements in payment and settlement systems. Representatives from the BoE, alongside their BOK counterparts, reviewed progress on tokenization efforts, which encompass both the global Project Agora and South Korea's Project Hangang.
The BOK pledged to share its expertise in tokenization and engage in international dialogues concerning the subject. Payment tokenization functions by substituting sensitive payment data with distinctive, randomly generated alphanumeric strings, known as tokens. Project Agora, spearheaded by the Bank for International Settlements, investigates how tokenized commercial bank deposits and tokenized wholesale central bank money could enhance the global financial framework, notably for cross-border transactions.
Project Hangang represents a blockchain-based tokenization pilot project initiated by the BOK to evaluate digital currency and wholesale central bank digital currency.
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Also reported by 1 other outlet
- BOK, BoE expand cooperation on tokenization projects koreatimes.co.kr
