IMF, World Bank, BIS Recommend Countries Work Together on CBDCs to Enhance Cross-Border Payments

IMF, World Bank, BIS Recommend Countries Work Together on CBDCs to Enhance Cross-Border Payments


The International Monetary Fund (IMF), the World Bank, and the Bank of International Settlement (BIS) have conducted an extensive study of using central bank digital currencies (CBDCs) for cross-border payments. Their report to the G20 states that enhanced cross-border payments “can be achieved … as long as countries work together.”

The Committee on Payments and Market Infrastructures, the BIS Innovation Hub, the International Monetary Fund, and the World Bank published a joint report to the G20 on July 9 titled “Central bank digital currencies for cross-border payments.” The report explains that “Cross-border payments are commonly criticized for their high cost, low speed, limited access, and insufficient transparency.” To address these challenges, the G20 countries endorsed a roadmap in October last year. It was developed by the Financial Stability Board (FSB) and other relevant standard-setting bodies. Various aspects of central bank digital currencies (CBDCs) were analyzed in the report. This includes domestic and potential designs, current central bank thinking

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