The Bank for International Settlements (BIS) and the central banks of Sweden, Norway, and Israel have joined forces to investigate the potential applications of central bank digital currencies (CBDC) for international remittance and retail payments. The BIS, an organization made up of 61 central banks from around the world, has innovation hubs set up all […]
The Bank for International Settlements and the central banks of Sweden, Norway, and Israel have joined forces to investigate the potential applications of central bank digital currencies for international remittance and retail payments.
The proof-of-concept CBDC systems of the Central Bank of Norway, the Bank of Israel, and Sveriges Riksbank will be able to connect to a new hub that the central banks will establish. The project aims to improve cross-border payments via CBDCs by reducing costs and increasing speed and transparency, with a final report due in the first quarter of 2023.Efficient and accessible cross-border payments are of extreme importance for a small and open economy like Israel and this was identified as one of the main motivations for potential issuance of a digital shekel. The results of the project will be very important in guiding our future work on the digital shekel.
In addition, earlier this week, the BIS Innovation Hub announced the success of a study involving many Asian CBDCs that enabled the conversion of more than $22 million in foreign currency.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BIS concludes CBDC pilot program, here’s everything you need to knowThe Bank for International Settlements (BIS) has announced the successful completion of the “first CBDC pilot,” as part of the second phase of Project Inthanon-LionRock. Project details The project, which took place between 15 August to 23 September, saw participation from 20 banks as well as the central banks of four different jurisdictions, namely Hong […]
Read more »
BIS concludes CBDC pilot program, here’s everything you need to knowThe Bank for International Settlements (BIS) has announced the successful completion of the “first CBDC pilot,” as part of the second phase of Project Inthanon-LionRock. Project details The project, which took place between 15 August to 23 September, saw participation from 20 banks as well as the central banks of four different jurisdictions, namely Hong […]
Read more »
How Russia’s CBDC might allow it to evade sanctions, trade with ChinaOn 26 September, the United Kingdom announced a new package of sanctions against Russia. This round contains 92 sanctions, in response to referendums held by Russia in Ukraine following its controversial invasion. A number of these sanctions are meant to hurt executives from state-backed financial institutions. Russian banks have been facing a lot of heat […]
Read more »
4th leak reported on Nord Stream pipelines in Baltic SeaA fourth leak on the Nord Stream pipelines has been reported off southern Sweden, the Swedish news agency said Thursday.
Read more »
Arts & Culture: Arts conference tackles post-pandemic challengesMid-October event for Northern Ontario artists aims to explore ideas to help the arts community rebound in the wake of COVID-19 and drum up ways to bring audiences back
Read more »