BIS develops cross-border retail CBDC payment system

As per a report released by the Bank of International Settlements on Monday, a cross-border network linking central bank digital currencies could potentially facilitate more secure and cost-effective global payments.

The Basel-headquartered Innovation Hub of the bank, working jointly with the central banks of Norway, Israel, and Sweden, has successfully concluded “Project Icebreaker,” an initiative aimed at exploring distributed ledger technology-based solutions for cross-border transactions.