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  4. Central bank digital currencies can slash cross border payment time - BIS
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Central bank digital currencies can slash cross border payment time - BIS

By Alun John HONG KONG (Reuters) - A recent pilot scheme showed that using central bank digital currencies (CBDC) underpinned by blockchain can slash the time needed for cross...
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Central bank digital currencies can slash cross border payment time - BIS

By Alun John

HONG KONG (Reuters) - A recent pilot scheme showed that using central bank digital currencies (CBDC) underpinned by blockchain can slash the time needed for cross border transactions from days to seconds and also cut costs, the Bank of International Settlements said.

The pilot programme explored using CBDCs to make cross border payments, the BIS said in a report published on Tuesday.

It found that payments could be made in a few seconds compared to the existing three to five days by sidestepping complicated existing arrangements under which payments are passed via a network of correspondent banks, the BIS said, and helped reduce costs by up to 50%.

Many governments and central banks around the world are exploring the use of CBDCs, which are digital forms of existing currencies.

Some, like China, are trialing retail-focused CBDCs designed to replicate cash in circulation, while others are considering using so-called wholesale CBDCs to improve the internal workings of their financial systems, or how they interact with others'.

The pilot scheme, which initially involved central bank instiutions in Hong Kong and Thailand, has since expanded to include China and the UAE's central banks, and is operating under the auspices of the BIS.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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