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- Title
Using central bank digital currencies across borders: Lessons from practical experiments.
- Authors
Bech, Morten; Boar, Codruta; Eidan, Daniel; Haene, Philipp; Holden, Henry; Toh, Wee Kee
- Abstract
Central bank digital currencies (CBDCs) could help to deliver better cross-border payments. With projects InthanonLionRock2, Jura, Dunbar and mBridge, the BIS Innovation Hub has been leading practical experiments to show how CBDCs could make cross-border payments faster, cheaper and more transparent. This paper looks at similarities and differences across these four cross-border CBDC experiments with a view to setting out the insights and lessons learned. These experiments demonstrate that platforms with two or more CBDCs are technically feasible and could lower costs, make settlement faster and increase operational transparency. Nevertheless, policy, legal, governance and advanced feasibility questions remain. Work will continue with future phases of the experimentation.
- Subjects
JURA Mountains (France &; Switzerland); BANK for International Settlements; ELECTRONIC money; CENTRAL banking industry; ONLINE banking; PAYMENT
- Publication
Journal of Payments Strategy & Systems, 2023, Vol 17, Issue 1, p46
- ISSN
1750-1806
- Publication type
Article