BRICS: 7 Countries Testing Tokenization as Competition Increases
Amid the BRICS Digita payment system unveiling, 7 countries have begun adjoined testing of tokenization factors as competition against the alliance increases. Specifically, the Bank of International Settlements (BIS) has partnered with various countries for the integration of tokenized financial systems.
Called Project Agorá, the tokenization initiative has seen France, Japan, Korea, Mexico, Switzerland, England, and the Federal Reserve Bank of New York participate. Amdi the international economic space, appears to be a concerted effort to counter BRICS alliance projects focused on similar digital asset facets.
Also Read: BRICS Play Key Role in Advancing De-Dollarization Initiative
7 Countries Join for Tokenization Project as BRICS Alliance Faces New Competition
The BRICS economic alliance has not been shy about its continued embrace of digital asset technology. This first came to light when it announced a blockchain-based payment system. Amid its de-dollarization focus, the alliance has sought other currencies and assets to improve its global trade strategies.
However, their presence in that avenue may be countered by recent developments from the West. Indeed, as the BRICS alliance has embraced digital currencies, 7 countries have tested tokenization in a project that is set to increase global competition in the space.
Also Read: BRICS: Russia Makes Major Financial Announcement
The BIS announced the project and its intention to explore “tokenization of cross-border payments.” This idea, in essence, would fulfill a similar function to the BRICS payment system and native currency developments. Specifically, it would allow these varied central banks to embrace the tokenization space to transform the current monetary system.
The idea of tokenization has intrigued a host of businesses and Central Banks. BlackRock’s CEO Larry Fink recently addressed the immense transformative potential that tokenization holds. Specifically, he observed a potential future where all asset classes could be tokenized.
This idea is worth exploring and could create a WEstern alternative to similar projects created by the BRICS alliance. However, the Global South collective is seeking to implement these ideas to lessen international reliance on the US dollar. It is hard to believe that the BIS tokenization project would operate in similar inclusive parameters for participating countries.
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BRICS: 7 Countries Testing Tokenization as Competition Increases
Amid the BRICS Digita payment system unveiling, 7 countries have begun adjoined testing of tokenization factors as competition against the alliance increases. Specifically, the Bank of International Settlements (BIS) has partnered with various countries for the integration of tokenized financial systems.
Called Project Agorá, the tokenization initiative has seen France, Japan, Korea, Mexico, Switzerland, England, and the Federal Reserve Bank of New York participate. Amdi the international economic space, appears to be a concerted effort to counter BRICS alliance projects focused on similar digital asset facets.
Also Read: BRICS Play Key Role in Advancing De-Dollarization Initiative
7 Countries Join for Tokenization Project as BRICS Alliance Faces New Competition
The BRICS economic alliance has not been shy about its continued embrace of digital asset technology. This first came to light when it announced a blockchain-based payment system. Amid its de-dollarization focus, the alliance has sought other currencies and assets to improve its global trade strategies.
However, their presence in that avenue may be countered by recent developments from the West. Indeed, as the BRICS alliance has embraced digital currencies, 7 countries have tested tokenization in a project that is set to increase global competition in the space.
Also Read: BRICS: Russia Makes Major Financial Announcement
The BIS announced the project and its intention to explore “tokenization of cross-border payments.” This idea, in essence, would fulfill a similar function to the BRICS payment system and native currency developments. Specifically, it would allow these varied central banks to embrace the tokenization space to transform the current monetary system.
The idea of tokenization has intrigued a host of businesses and Central Banks. BlackRock’s CEO Larry Fink recently addressed the immense transformative potential that tokenization holds. Specifically, he observed a potential future where all asset classes could be tokenized.
This idea is worth exploring and could create a WEstern alternative to similar projects created by the BRICS alliance. However, the Global South collective is seeking to implement these ideas to lessen international reliance on the US dollar. It is hard to believe that the BIS tokenization project would operate in similar inclusive parameters for participating countries.
Read More