The Bank for International Settlements’ (BIS’) Project Agora has advanced to the design phase with 41 private financial institutions joining. Launched in April by BIS and seven central banks, the project aims to integrate tokenized commercial bank deposits with tokenized wholesale central bank digital currencies on a unified platform. Participants include Visa, Mastercard, SWIFT, SIX Digital Exchange, Monex Group, and major banks. Project Agora, the largest BIS initiative in terms of participants, focuses on enhancing the international payments system by utilizing a unified ledger concept. Led by BIS, the project addresses customer verification and Anti-Money Laundering processes, aiming to simplify transactions. Participants will also address legal and regulatory challenges across jurisdictions. Project Agora is set to conclude in 2025 with a comprehensive report on its findings. Read more AI-generated news on: https://app.chaingpt.org/news