One ledger or eight: the design choice that will shape cross-border money
Two rival tokenised settlement networks have both expanded. The contest between them is not primarily about technology, and not yet about currencies. It is about who keeps the ledger, argues Marcello Minenna
Three announcements landed in quick succession this northern hemisphere spring. On May 27, the Bank for International Settlements published the prototype report for Project Agorá, concluding that atomic settlement of wholesale cross-border transactions in tokenised central bank reserves and tokenised commercial bank deposits is achievable across currencies and jurisdictions; the Bank of Canada joined as the eighth participating central bank, and the project now moves to real-value testing. Then
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