G20 report on central bank digital currencies and cross-border payments
News BIS-CPMI, BIS Innovation Hub, the World Bank and the IMF have, on behalf of the G20, written a new report identifying and analysing different models of how digital central bank currencies can improve cross-border payments.
The working group that produced the report was headed up by First Deputy Governor Cecilia Skingsley. The report takes a closer look at various options for the general public and payment service providers to gain access to digital central bank currencies. It also examines how different countries' digital central bank currencies can be linked and communicate with one another to facilitate cross-border payments.
The report concludes that there is no model that is suitable for all countries and that the report should therefore be regarded as a tool for central banks to analyse different options. The report also draws the conclusion that central banks around the world should cooperate and take into account cross-border payments in the development phase of a digital central bank currency.
This is the second G20 report on central bank currencies and cross-border payments produced by the working group chaired by first Deputy Governor Cecilia Skingsley. The first report was published in July 2021.