{"id":45842,"date":"2021-07-09T16:50:58","date_gmt":"2021-07-09T13:50:58","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=45842"},"modified":"2025-09-01T13:19:14","modified_gmt":"2025-09-01T10:19:14","slug":"bis-urges-greater-focus-on-cross-border-cbdcs","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bis-urges-greater-focus-on-cross-border-cbdcs\/","title":{"rendered":"BIS urges greater focus on cross-border CBDCs"},"content":{"rendered":"<p>Central banks developing national digital currencies (CBDCs) should devote greater attention to their use in cross-border transfers than to domestic applications. These recommendations are contained in a new report by the Bank for International Settlements (BIS).<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The impact of <a href=\"https:\/\/twitter.com\/hashtag\/CBDCs?src=hash&#038;ref_src=twsrc%5Etfw\">#CBDCs<\/a>, even if domestic, would transcend national borders. Multilateral collaboration on macro-financial issues and technical interoperability is essential, according to a new report by CPMI <a href=\"https:\/\/twitter.com\/hashtag\/BISInnovationHub?src=hash&#038;ref_src=twsrc%5Etfw\">#BISInnovationHub<\/a>, <a href=\"https:\/\/twitter.com\/WorldBank?ref_src=twsrc%5Etfw\">@WorldBank<\/a> and <a href=\"https:\/\/twitter.com\/IMFNews?ref_src=twsrc%5Etfw\">@IMFnews<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/CBDC?src=hash&#038;ref_src=twsrc%5Etfw\">#CBDC<\/a> <a href=\"https:\/\/t.co\/gEor9i7D8j\">https:\/\/t.co\/gEor9i7D8j<\/a> <a href=\"https:\/\/t.co\/jCioIK3HiE\">pic.twitter.com\/jCioIK3HiE<\/a><\/p>\n<p>\u2014 Bank for International Settlements (@BIS_org) <a href=\"https:\/\/twitter.com\/BIS_org\/status\/1413475556390277120?ref_src=twsrc%5Etfw\">July 9, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The report was prepared jointly with specialists from the World Bank and the International Monetary Fund (IMF).<\/p>\n<p>The authors emphasised that monetary regulators are currently focused on solving domestic tasks, while the implications of issuing a CBDC extend beyond national borders.<\/p>\n<p>In the view of the specialists, proper coordination of CBDC projects across jurisdictions could extend them to cross-border payments.<\/p>\n<p>The report notes that cooperation can take various forms, including common standards to ensure interoperability or the creation of an international payments infrastructure.<\/p>\n<p>Analysts also pointed to the need to ensure interoperability between national CBDCs and existing payment systems. This is driven by differences in the pace of CBDC rollout.<\/p>\n<p>In July, the Bank of France and the Monetary Authority of Singapore successfully <a href=\"https:\/\/forklog.com\/en\/news\/france-and-singapore-tested-cbdc-in-cross-border-wholesale-payments\">completed the experiment<\/a> for the use of wholesale CBDCs in cross-border payments.<\/p>\n<p>In June, the Bank of France <a href=\"https:\/\/forklog.com\/en\/news\/bis-joins-cbdc-testing-in-cross-border-settlements\">tested<\/a> the CBDC in cross-border settlements, in collaboration with the Swiss National Bank and BIS Innovation Hub.<\/p>\n<p>In February, the People&#8217;s Bank of China and the UAE <a href=\"https:\/\/forklog.com\/en\/news\/peoples-bank-of-china-and-uae-central-bank-join-hong-kong-thailand-cbdc-bridge-project\">joined<\/a> the &#8216;Bridge&#8217; project for the CBDC of Hong Kong and Thailand.<\/p>\n<p>In December 2020, Hong Kong&#8217;s Monetary Authority discussed with the People&#8217;s Bank of China the possibility <a href=\"https:\/\/forklog.com\/en\/news\/peoples-bank-of-china-and-hong-kong-to-deploy-the-digital-yuan-in-cross-border-payments\">of testing the digital yuan in cross-border payments<\/a>.<\/p>\n<p> Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog Feed<\/a> \u2014 the full news stream, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog<\/a> \u2014 the most important news, infographics and opinions <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Central banks developing national digital currencies (CBDCs) should devote greater attention to their use in cross-border transfers than to domestic applications. These recommendations are contained in a new BIS report.<\/p>\n","protected":false},"author":1,"featured_media":45843,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1430,1095,1198],"class_list":["post-45842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bis","tag-cbdc","tag-crypto-payments"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/45842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=45842"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/45842\/revisions"}],"predecessor-version":[{"id":45844,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/45842\/revisions\/45844"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/45843"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=45842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=45842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=45842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}