BOK, BoE expand cooperation on tokenization projects

The Bank of Korea (BOK) and the Bank of England (BoE) have announced an expansion of their cooperation on tokenization projects. During a visit to the BOK by BoE Deputy Governor for Financial Stability Sarah Breeden, officials from both banks discussed innovations in payment and settlement. The BoE shared updates on its tokenization initiatives, including the global Project Agora and South Korea's Project Hangang.

Project Agora, led by the Bank for International Settlements, aims to enhance the global financial system through tokenized commercial bank deposits and wholesale central bank money, particularly for cross-border payments. Meanwhile, Project Hangang is a blockchain-based tokenization pilot project undertaken by the BOK to test digital solutions.

The BOK plans to actively share its tokenization experiences and engage in global discussions on the subject.

Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.