Bank for International Settlements (BIS)

12 news stories.

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Bank of Korea reports slow transaction processing times in DLT digital currency pilot

By Tom Phillips • • Updated • nfcw.com
Bank of Korea logo

The Bank of Korea (BOK) is to review additional central bank digital currency (CBDC) design options after its 10-month experiment to test a retail CBDC based on distributed ledger technology (DLT) revealed “limitations of scalability” such as slow processing times during periods of high transaction volume when compared with a more conventional centralised ledger database, the bank says... More

What's New in Payments

BIS reports on CBDCs in emerging markets

By Tom Phillips • • Updated • nfcw.com
BIS graph showing motivations for CBDC projects in emerging market economies

Providing a cash-like digital means of payment, increasing private digital payment services, supporting financial inclusion and achieving greater payment system efficiency are among the key motivations driving initiatives to develop central bank digital currencies (CBDCs) in emerging market economies around the world, according to a Bank for International Settlements (BIS) report... More

What's New in Payments

IMF reports on digital currencies

By Tom Phillips • • Updated • nfcw.com
IMF managing director Kristalina Georgieva

Around 100 countries are now exploring the potential development and issuance of a central bank digital currency (CBDC), and the challenges and opportunities identified by these research projects reveal a need for “increased international information-sharing of insights learned”, according to an International Monetary Fund (IMF) report... More

What's New in Payments

BIS: Digital currencies don’t yet offer a solution to any specific economic problems

By Sarah Clark • • Updated • nfcw.com

Cryptocurrencies: looking beyond the hype — Bank for International Settlements — “Cryptocurrencies promise to replace trusted institutions with distributed ledger technology. Yet, looking beyond the hype, it is hard to identify a specific economic problem which they currently solve. Transactions are slow and costly, prone to congestion, and cannot scale with demand. The decentralised consensus behind the technology is also fragile and consumes vast amounts of energy. Still, distributed ledger technology could have promise in other applications.”

What's New in Payments

BIS reports on the potential of central bank-issued cryptocurrencies

By Sarah Clark • • nfcw.com

Central bank cryptocurrencies — Bank for International Settlements — “New cryptocurrencies are emerging almost daily, and many interested parties are wondering whether central banks should issue their own versions. But what might central bank cryptocurrencies (CBCCs) look like and would they be useful? This feature provides a taxonomy of money that identifies two types of CBCC — retail and wholesale — and differentiates them from other forms of central bank money such as cash and reserves. It discusses the different characteristics of CBCCs and compares them with existing payment options.”

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