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According to a recent Bloomberg report, major British financial figures such as Barclays participated in a pilot focused on testing tokenization deposits. The trial, which began in February, also included MasterCard and Visa, the world’s largest credit card networks. This technology will take some time to become economically viable. The trial is scheduled to last for up to three years.
The first findings of the ongoing trial will be out in late summer. Tokenization is gaining traction in the UK. In the past month, a government-backed technology group produced a study encouraging local enterprises to experiment with revolutionary technology that could improve banking efficiency. Before that, it pushed regulators to provide explicit tokenization guidelines.
Earlier this month, the Bank for International Settlements (BIS), representing the world’s largest central banks, introduced Agora, a tokenization project aimed at bringing together central and commercial banks through shared infrastructure. The Bank of Japan and the Bank of France were among the early participants. The primary goal of Agora is to address the major issues surrounding cross-border payments. The BIS has revealed that the 2024 Innovation Hub work program includes more than just Agora. For example, Project Aurum will concentrate on the privacy implications of retail CBDCs. Meanwhile, recent reports suggest that the future of “Britcoin,” the digital pound, is dubious. The Bank of England began researching it in 2021.
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