Bank of Korea Successfully Tests International Payment Transactions
The Bank of Korea participated in a real transaction test for international payments using central bank digital currency and deposit tokens. On the 30th, the Bank of Korea announced its participation in the real transaction test of 'Project Agora', organized by the Bank for International Settlements (BIS) and the Institute of International Finance (IIF). This project involves the central banks of eight countries, including Korea, the United States, France, the United Kingdom, Japan, Switzerland, Mexico, and Canada, along with over 40 financial institutions, to test cross-border payment systems. A total of 28 institutions participated in this test, including the five major commercial banks: KB Kookmin Bank, NH Nonghyup Bank, Shinhan Bank, Woori Bank, and Hana Bank. The test consisted of 17 scenarios, including interbank and business-to-business transactions, using the Korean won, US dollar, euro, British pound, Swiss franc, and Japanese yen. The Bank of Korea conducted a 20 million won transfer transaction in collaboration with NH Nonghyup Bank and Shinhan Bank, testing the process of issuing and transferring tokenized reserves on the Agora platform. KB Kookmin Bank successfully completed a real transaction test based on Japanese yen with Japan's MUFG Bank. The Bank of Korea plans to continue participating in Project Agora and will consider linking it with the central bank digital currency pilot project and ensuring interoperability.
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