Seoul: The Bank of Korea (BOK) announced its involvement in a trial that tested real-value transactions on a digital currency platform. This initiative is part of an international project aiming to explore the use of tokenization in wholesale cross-border payments.

According to Yonhap News Agency, the BOK has been actively participating in the global effort known as Project Agora. The trial confirmed that the key functions and business processes of the Agora platform, a prototype launched in May, operated smoothly in an environment that mimicked actual operations. The trial included five South Korean banks-Kookmin Bank, NongHyup Bank, Shinhan Bank, Woori Bank, and Hana Bank-among a total of 28 institutions involved. Other participants included the Bank of France, the Bank of Japan, Deutsche Bank, JPMorgan Chase Bank, and Mizuho Bank, all utilizing multiple currencies such as the U.S. dollar, euro, and yen.

The BOK has expressed its commitment to continue its active participation in Project Agora. It is also exploring ways to integrate and ensure interoperability between its own Project Hangang tokenization platform and the Agora platform. Led by the Bank for International Settlements (BIS), Project Agora investigates how tokenized commercial bank deposits and tokenized wholesale central bank money can enhance the global financial system, focusing on improving cross-border payments.