BIS to build proof of concept platform for cross-border CBDC payments

The Bank of International Settlements (BIS) is to develop a proof of concept platform to explore the use of central bank digital currencies (CBDCs) for cross-border payments and has identified CBDCs as one of six “thematic priorities” for the year.

Bank for International Settlement (BIS)

The platform will use “multiple wholesale CBDCs to explore the feasibility of faster and cheaper cross-border payments” and will be developed alongside “a technological research project and associated prototype(s) for tiered retail CBDC distributions architectures,” BIS’s Innovation Hub says.

The bank’s other five thematic priorities are “supertech and regtech; next-generation financial market infrastructures; open finance; cyber security; [and] green finance”.

BIS published a report on CBDC initiatives around the world in August 2020.

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