The increasing prevalence of cryptocurrencies has led governments to take steps in this regard.
Many governments have started to work to implement a Central Bank Digital Currency (CBDC). One of them was BIS.
BIS Announces Developing CBDC for Boundary Payments
The Bank for International Settlements, together with the central banks of Israel, Norway, and Sweden, completed Project Icebreaker. A new report outlines a cross-border payment system model among local CBDCs.
The central bank is developing a cross-border system that connects digital currencies, according to a report released today by the Bank for International Settlements. With this system, it is aimed to make cheaper and safer global payments.
Basel-based central banks Innovation Center bank, in collaboration with the central banks of Israel, Norway and Sweden, has completed the “Project Icebreaker” to find solutions for DLT-based cross-border transactions.
Cecilia Skinsley, head of the BIS Center for Innovation, said the project “first allows central banks to have almost complete autonomy when designing consumer-facing digital currencies” and provides “a model for using the same CBDC for international payments.”
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