🎉Good news! The Bank for International Settlements (BIS) Innovation Center has launched Project Agorá, a project that unites seven central banks to transform cross-border payments through tokenization technology. 💼

The project uses wholesale central bank digital currencies (wCBDCs) and tokenized deposits to execute payments on a unified ledger, simplifying compliance processes. This means that payments can be reflected in the balances of all banks at the same time, which is called "atomic settlement." 👏

In addition, tokenization technology can also simplify Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. BIS is also experimenting with shared protocols in Project Mandala to provide "proof of compliance" and recommends using artificial intelligence (AI) to build an AML monitoring model. 🔍

BIS emphasizes that the next generation of agency banking should be inclusive, accessible, and able to capture network effects. This undoubtedly provides a broader space for the development of cryptocurrencies such as Bitcoin. 🚀

Let us look forward to the development of blockchain technology in the future! 🌟