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 “can be achieved … as long as countries work together.”

  • 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 “Central bank digital currencies for cross-border payments.”
  • The report explains that “Cross-border payments are commonly criticized for their high cost, low speed, limited access, and insufficient transparency.” 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.
  • Various aspects of…

Click to continue reading on its source location…

Source: https://news.bitcoin.com/imf-world-bank-bis-recommend-countries-cbdcs-enhance-cross-border-payments/