Bank for International Settlements (BIS) Successfully Tests Cross-Border Payments with Central Bank Digital Currencies (CBDCs)

by Sep 28, 2023CryptoNews0 comments

The Bank for International Settlements (BIS), which is an international organization that fosters cooperation among central banks, has announced that it has successfully conducted a trial of cross-border payments using digital currencies issued by central banks. The trial involved the participation of the central banks of France, Singapore and Switzerland, as well as several commercial banks and a private sector consortium led by Accenture and J.P. Morgan.

The trial used a common platform called mCBDC Bridge, which is designed to connect multiple networks that use central bank digital currencies (CBDCs) and enable seamless and secure transactions among them. The platform also supports various use cases, such as making cross-border payments, exchanging foreign currencies, managing liquidity and complying with regulatory requirements.

The trial demonstrated that CBDCs can improve the efficiency, speed and transparency of cross-border payments, while reducing costs and risks. It also showed that CBDCs can coexist with existing payment systems and foster innovation and competition in the financial sector.

The BIS said that the trial was an important step towards developing a global CBDC network that can facilitate international trade and financial inclusion. The BIS also said that it will continue to collaborate with central banks and other stakeholders to explore the potential of CBDCs.

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