The Bank for International Settlements (BIS) is continuously investigating the development of the Global Central Bank Digital Currency (CBDC) and has released a new report in collaboration with seven central banks.
BIS released its latest report on CBDC on Thursday, 30th last month, in collaboration with Bank of Canada, Bank of England, Bank of Japan, European Central Bank, Federal Reserve Board, Sveriges Riks and Swiss National Bank to introduce retail CBDC. He said he was considering it.
The report’s executive summary summarizes the current state of the research that has been underway since the October 2008 report, which pointed out the basic principles and characteristics of the CBDC. BIS also released three detailed reports on the design and interoperability of CBDC systems, user needs, implementation and impact on financial stability.
In order to operate an effective CBDC system, “the public and private sectors need to work together to ensure interoperability and coexistence with a wider range of payment systems,” the report said.
The central bank, which prepared the report, said that the balanced involvement of the public and private sectors in the CBDC ecosystem “can develop desirable policies and innovate to meet the ever-evolving user’s payment needs.” He also pointed out that the ability to bridge the CBDC and traditional payment systems is important for the financial system.
“On the other hand, the theme of almost all issues is interoperability. Domestic interoperability is important to ensure the coexistence of the CBDC system with other payment systems in the country and is accessible. Contributes to resilience and diversity. “
These central banks will continue to consider CBDC issues and plans, strengthen outreach activities at home and abroad, and maintain informed and open dialogue on CBDC. “We both share the insights we have gained in collaboration with other central banks, including emerging markets,” he said.