SEOUL, July 30 (Yonhap) -- The Bank of Korea (BOK) said Thursday it has participated in a trial involving real-value transactions on a digital currency platform under an international project exploring the use of tokenization in wholesale cross-border payments.

As part of the global initiative, dubbed Project Agora, the BOK said it conducted the trial and confirmed that the key functions and business processes of the Agora platform, a prototype launched in May, operated stably in an environment resembling actual operations.

Five South Korean banks -- Kookmin Bank, NongHyup Bank, Shinhan Bank, Woori Bank and Hana Bank -- participated in the trial.

They were among 28 institutions taking part in the project, including the Bank of France, the Bank of Japan, Deutsche Bank, JPMorgan Chase Bank and Mizuho Bank, using multiple currencies, such as the U.S. dollar, euro and yen.

The BOK said it will continue to actively participate in Project Agora while reviewing ways to integrate and ensure interoperability between its Project Hangang tokenization platform and the Agora platform.

Project Agora, led by the Bank for International Settlements (BIS), explores how tokenized commercial bank deposits and tokenized wholesale central bank money can improve the global financial system, particularly cross-border payments.

brk@yna.co.kr

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