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BIS Partners with Israel, Norway & Sweden Central Banks for CBDC Project

30/11/2022
05/12/2022
07/12/2022
08/12/2022

MetaVentures Bangkok 2022

Bangkok, Thailand
14/12/2022
27/02/2023

ICBM Expo

Dubai, UAE
03/03/2023
The Crypto Times

The Bank for International Settlements, or BIS, has introduced a partnership with the central banks of Israel, Norway and Sweden to discover worldwide retail and remittance funds use instances for central financial institution digital currencies (CBDCs).

As per the announcement, the BIS Innovation Hub Nordic Centre, Sveriges Riksbank, the Bank of Israel, and Norges Bank will collaborate for Project Icebreaker, testing key features and the technological feasibility of interlinking home CBDC techniques.

The challenge is geared toward growing a hub to which the collaborating nations can join their proof-of-concept CBDC techniques.

“This first-of-a-kind experiment will dig deeper into the technology, architecture and design choices and trade-offs, and explore related policy questions” mentioned Beju Shah, Head of the BIS Innovation Hub Nordic Centre.

“These learnings will be invaluable for central banks thinking about implementing CBDCs for cross-border payments.”

The challenge will develop an structure which can allow rapid retail CBDC funds throughout borders, at a considerably decrease price than with present techniques, that are usually primarily based on funds being despatched through a number of totally different banks to the ultimate recipient (the so-called correspondent banking system).

The remaining report of the challenge will probably be printed within the first quarter of 2023.

Compiled by Coinbold

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