Bank of Korea tests tokenized reserve transfers through BIS Project Agora

The Bank of Korea has successfully completed live cross-border payment tests using tokenized central bank reserves under the Bank for International Settlements-led Project Agora, processing transactions across six currencies and multiple payment scenarios. Summary Bank of Korea completed live Project Agora payment tests using tokenized reserve funds across six currencies. South Korean banks tested cross border settlements including a 20 million won transfer using tokenized reserves. The trial linked Project Hangang with the BIS platform to validate real world payment workflows. The central bank plans additional Project Agora tests covering more payment scenarios and transaction types. According to the Bank of Korea, the central bank participated in the latest round of Project Agora real transaction testing alongside 27 other central banks and private financial institutions, confirming that the platform’s core functions and operating processes worked reliably in an environment designed to mirror real-world payment operations. The exercise covered the Korean won, U.S. dollar, euro, British pound, Swiss franc and Japanese yen. South Korea’s participating commercial banks included KB K...