23
Jul, 2021

CBDCs is a Global Issue Now

International Monetary Fund, the World Bank and the Bank for International Settlements announced the completion of a new research for using CBDCs (Central Bank Decentralized Cryptocurrencies) for easing international payments.

 

The research was conducted for the G20 convention, for the Payments and Market Structure Committee. The international payments are evolving lots of problems like high costs, low speed, limited access to general public and non-transparent processes, which make the situation difficult.

 

The main conclusion from the research was:

“CBDCs can and have the ability to increase the international; payments’ efficiency, until the point that the countries are willing to cooperate with each other”.

 

With many central banks to examine the possibility of a CBDC in their next goals, we might see news in the upcoming period.

 

You can read the entire research here:

https://www.bis.org/publ/othp38.pdf