A blockchain-based payment system backed by seven major central banks and 40 large financial institutions has been successfully tested, demonstrating near-instant and cheap settlement of cross-border payments. The project, known as Project Agorá, was spearheaded by the Bank for International Settlements and the International Institute of Finance and involves institutions including JPMorgan Chase, HSBC, BNP Paribas, Visa, UBS and MUFG Bank, alongside central banks from the US, UK, EU, Japan, South Korea, Switzerland and Mexico. The Bank of Canada is joining for the next phase.
