28 Major Banks Complete Live Blockchain Cross-Border Payment Test in BIS Pilot

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Twenty-eight global banks, including JPMorgan, Citi, and UBS, participated in a live pilot program testing blockchain-based cross-border payment settlement. The experiment, coordinated by the Bank for International Settlements, involved the movement of real money across borders using tokenized funds. The $1 million pilot marks a significant step toward validating distributed ledger technology for international banking transactions. The test aimed to assess whether tokenized money could streamline and modernize the traditionally slow and complex cross-border payments infrastructure.

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