Bank of Korea says global tokenized payments project test succeeded

The Bank of Korea said on July 30 it confirmed through live transaction testing under Project Agorá that the platform’s core functions and operational processes can run stably in an environment similar to real-world operations. According to IT Chosun, 28 participating institutions, including the Bank of Korea, other central banks and private financial institutions, conducted live transaction tests involving multiple currencies worth about 800,000 Swiss francs ($1.0 million). The tests successfully processed cross-border payment use cases including single- and dual-currency payments between companies and banks, payment-versus-payment settlements, and fund transfers within the same financial group.