The Bank for International Settlements (BIS) completed project “Icebreaker”aimed at creating a cross-border retail payment system for CBDCs. This is stated in report organizations.
The distributed ledger technology is designed to enable cheaper and more secure cross-border payments in central bank digital currency. “Icebreaker” was created in cooperation with the Central Bank of Israel, Norway and Sweden.
Cecilia Skingsley, head of the BIS Innovation Center, noted that the project will provide countries with “almost complete autonomy” in the development of their digital currencies, while giving them the opportunity to use them in global cross-border transactions.
“Although domestic payments have become cheaper, safer and more efficient, transactions in different currencies still come with high costs, slow speed and risk. When studying CBDC, it is important to consider cross-currency opportunities from the very beginning,” said Aino Bunge, a spokeswoman for the Swiss bank Sveriges Riksbank.
Recall that in January, Bank of America analysts said that central bank digital currencies could fundamentally change the global financial system.
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