Eurogroup To Discuss Tokenization And Digital Euro Developments

According to PANews, the Eurogroup is set to convene next Monday to deliberate on topics such as tokenization, distributed ledger technology, and the use of central bank funds for wholesale settlement, alongside the status of the retail digital euro. The Eurogroup is an informal assembly of economic and finance ministers that addresses issues related to the euro. Hyun Song Shin, Economic Advisor and Head of the Monetary and Economic Department at the Bank for International Settlements (BIS), will participate in the discussions. Shin has been involved in the Agorá project, a BIS initiative aimed at integrating tokenization with wholesale central bank digital currencies (CBDCs) to expedite cross-border payments through correspondent banks. This project includes 41 institutions and seven central banks, with the Bank of France representing the European Union.