BIS urges international cooperation on CBDC development

The Bank for International Settlements (BIS) urged countries to cooperate at early stages of developing national digital currencies (CBDCs). This is necessary to facilitate cross-border operation of the system, the document says.

\”To promote coexistence with other forms of money and payment instruments and a prudent level of CBDC deployment, compatibility with systems not related to CBDC, both domestically and abroad, is of fundamental importance,\” the experts said.\

According to them, central banks may either agree on a set of common standards or use different \”bridging\” systems. The BIS acknowledged that there is no universal solution.

\”Because central banks have different motives for studying or developing CBDC, they are likely to use different CBDC schemes and cross-border mechanisms. The report serves as a tool for the central banks to assess how best to use CBDC for cross-border payments in the context of their own objectives,\” the BIS stressed.

According to the authors of the document, international cooperation and coordination in the development of national digital currencies are \”necessary conditions\”.

In June, BIS experts described CBDC as the foundation of monetary systems of the future.

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