{"id":31011,"date":"2024-04-09T10:58:07","date_gmt":"2024-04-09T10:58:07","guid":{"rendered":"https:\/\/icoinmarket.com\/these-7-countries-team-up-to-explore-tokenization\/"},"modified":"2024-04-09T10:58:07","modified_gmt":"2024-04-09T10:58:07","slug":"these-7-countries-team-up-to-explore-tokenization","status":"publish","type":"post","link":"http:\/\/icoinmarket.com\/these-7-countries-team-up-to-explore-tokenization\/","title":{"rendered":"These 7 Countries&#8217; Team Up to Explore Tokenization"},"content":{"rendered":"<p> <br \/>\n<br \/><\/p>\n<div>\n<p>The Bank for International Settlements (BIS) and seven central banks embark on a journey to redefine financial systems through tokenization. <\/p>\n<p>Named Project Agor\u00e1, this initiative marks a pivotal step towards the fusion of digital and traditional monetary realms. It promises a revolution in financial efficiency and innovation.<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-how-central-banks-plan-to-utilize-tokenization\">How Central Banks Plan to Utilize Tokenization<\/h2>\n<p>Project Agor\u00e1, deriving its name from the Greek term for \u201cmarketplace,\u201d aligns the central banking forces of France, Japan, Korea, Mexico, Switzerland, England, and the Federal Reserve Bank of New York. <\/p>\n<p>The Institute of International Finance (IIF) will coordinate this venture in partnership with the private sector. It aims to explore the integration of tokenized commercial and central bank funds on a unified ledger platform.<\/p>\n<p>Furthermore, the collaboration addresses longstanding inefficiencies in cross-border payments. These include varied legal and regulatory landscapes, technical disparities, and the operational challenges posed by different time zones.<\/p>\n<p>Moreover, the project seeks to streamline financial integrity controls, such as anti-money laundering and customer verification, currently plagued by redundancy due to multiple intermediaries.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cSmart contracts can enable new ways of settlement and unlock types of transactions that are not viable or practical today, in turn offering new opportunities to benefit businesses and people,\u201d BIS wrote.<\/p>\n<\/blockquote>\n<p>Meanwhile, HSBC Hong Kong is pioneering the adoption of tokenization technology. Sami Abouzahr, head of Wealth Management and Personal Banking Investment at HSBC, leads the initiative. <\/p>\n<p>HSBC\u2019s tokenization initiative is poised to offer investment avenues in both physical and virtual assets. It coincides with Hong Kong\u2019s escalated trials of digital currencies, notably the digital Yuan, aiming to enhance cross-border payment systems.<\/p>\n<p>Concurrently, industry leaders such as\u00a0BlackRock are recognizing the transformative potential of asset tokenization. BlackRock\u2019s CEO\u00a0Larry Fink envisages a future\u00a0where every asset class, including ETFs, could be tokenized, paving the way for greater transactional transparency and efficiency.<\/p>\n<p>Read more: What is The Impact of Real World Asset (RWA) Tokenization?<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<\/figure>\n<p>Indeed, tokenization and digital currencies will redefine economic transactions, ushering in a new age of efficiency and connectivity.<\/p>\n<div id=\"bic-c-disclimer-34388a2e-83b6-4529-a28b-70b12156a6a2\" class=\"p-5 mt-6 rounded-lg border border-grey-200 \">\n<div class=\"pl-8 text-grey-700 [&amp;_p:not(.dh)]:!p4 [&amp;_p:not(.dh)]:!p4--ns [&amp;_p:not(.dh)]:!mb-0\">\n<p class=\"p3 p3--ns mb-2 unstyled-content-p dh\">Disclaimer<\/p>\n<p>In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our\u00a0Terms and Conditions,\u00a0Privacy Policy, and\u00a0Disclaimers\u00a0have been updated.<\/p>\n<\/div>\n<\/div><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/beincrypto.com\/seven-countries-central-bank-explore-tokenization\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank for International Settlements (BIS) and seven central banks embark on a journey to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":31012,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>These 7 Countries&#039; Team Up to Explore Tokenization - iCoinMarket<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/icoinmarket.com\/these-7-countries-team-up-to-explore-tokenization\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"These 7 Countries&#039; 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