Stablecoin issuer Circle announced that it has submitted to participate in Project Agorá led by the Bank for International Settlements (BIS). It hopes to cooperate with the seven major central banks on the basis of a unified ledger and use a "public-private programmable core financial platform" to simplify cross-border transactions. international payment process, improve efficiency and reduce systemic risks.
Project Agorá
The Agorá Project is an initiative initiated by the Bank for International Settlements (BIS) and the Institute of International Finance (IIF). The team includes the Bank of France (the leader of the European system), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, and the Bank of England. , and the Federal Reserve Bank of New York. The name Agorá is inspired by the busy marketplaces of ancient Greece and represents the ambition to become a new center of financial exchange.
The plan builds on the unified ledger concept proposed by BIS and aims to integrate tokenized commercial bank deposits with wholesale central bank currency to create an innovative and inclusive digital architecture. This "public-private programmable core financial platform" may not only change the rules of the game, but also simplify operations and introduce smart contracts into the mainstream, making financial transactions smarter, faster and more efficient.
Project Agorá openly solicits participation from private businesses
Project Agorá recently publicly solicited participation from private operators, hoping to overcome today's payment problems, especially cross-border payments, through the joint efforts of public and private partners. Cross-border payments will also face different legal, regulatory and technical requirements, operating hours and time zone differences. In addition, the complexity of enforcing financial integrity controls (such as anti-money laundering and customer verification) increases, as in legacy financial structures, the same transaction is often repeated multiple times depending on the number of intermediaries involved. Project Agorá hopes to improve these situations through a "public-private programmable core financial platform."
Circle has officially submitted the application
As a strong supporter of public-private sector collaboration, Circle has submitted an application to participate in Project Agorá and is eager to bring a wealth of experience and knowledge to the table, particularly in the area of tokenized cross-border payments, said Circle.
Circle believes that both banks and non-banks should compete on a level playing field in public sector-led innovation projects to leverage the necessary expertise and experience to address the key challenges of financial innovation and reduce systemic risks.
Circle has been at the forefront of payment, digital currency and tokenization innovation, focusing on leveraging the power of stablecoins to enable a variety of applications. Circle believes that blockchain breakthroughs represent a once-in-a-lifetime opportunity to create a digitally connected global financial system that leverages the speed, scale and cost advantages of the Internet to upgrade this decades-old, decentralized financial system. Settlement system. Circle is delighted to be a participant in this project.
This article Circle responds to the Bank for International Settlements’ blockchain initiative Agorá and cooperates with seven central banks to simplify cross-border payment processes. First appeared on Chain News ABMedia.
