{"id":9766,"date":"2021-07-18T17:54:13","date_gmt":"2021-07-18T17:54:13","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/imf-world-bank-bis-recommend-countries-work-together-on-cbdcs-to-enhance-cross-border-payments\/"},"modified":"2021-07-18T17:54:13","modified_gmt":"2021-07-18T17:54:13","slug":"imf-world-bank-bis-recommend-countries-work-together-on-cbdcs-to-enhance-cross-border-payments","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/imf-world-bank-bis-recommend-countries-work-together-on-cbdcs-to-enhance-cross-border-payments\/","title":{"rendered":"IMF, World Bank, BIS Recommend Countries Work Together on CBDCs to Enhance Cross-Border Payments"},"content":{"rendered":"<p><strong>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 \u201ccan be achieved \u2026 as long as countries work together.\u201d<\/strong><\/p>\n<p>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 \u201cCentral bank digital currencies for cross-border payments.\u201d<br \/>\nThe report explains that \u201cCross-border payments are commonly criticized for their high cost, low speed, limited access, and insufficient transparency.\u201d 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.<br \/>\nVarious aspects of central bank digital currencies (CBDCs) were analyzed in the report. This includes domestic and potential designs, current central bank thinking on cross-border CBDC use, and the potential benefits and risks of using CBDCs for cross-border payments.<br \/>\nEnhanced cross-border payments \u201ccan be achieved through different degrees of integration and cooperation,\u201d the report claims. \u201cThe analysis highlights both the need for multilateral collaboration on macro-financial consequences as well as the importance of interoperability between CBDCs.\u201d<\/p>\n<p><!-- growjs zone placement 31 -->   <!-- end of growjs zone placement --> <\/p>\n<p>According to the main conclusion of the joint report:<\/p>\n<p>Central bank digital currencies (CBDCs) have the potential to enhance the efficiency of cross-border payments, as long as countries work together.<\/p>\n<p>Many central banks are currently investigating risks, benefits, and various designs of CBDCs, the report details, noting no major jurisdiction has launched a CBDC so far and many design and policy decisions are still unresolved. Some central banks are already in the testing phase, such as China. The full joint report can be found <a href=\"https:\/\/www.bis.org\/publ\/othp38.pdf\">here<\/a>.<\/p>\n<p><em><strong>Do you think countries should work together to use CBDCs for cross-border payments? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Bitcoin News<br \/>\nRegulation, BIS, CBDC, central bank digital currencies, Cryptocurrencies, Cryptocurrency, Digital Currencies, Digital Currency, G20, IMF, World Bank<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 \u201ccan be achieved \u2026 as long as countries work together.\u201d The Committee on Payments and&hellip;<\/p>\n","protected":false},"author":0,"featured_media":9767,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-9766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9766"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=9766"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9766\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/9767"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=9766"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=9766"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=9766"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}