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    Home » Central Banks, BIS Collaborates to Test Digital-Currency Payments Platform
    Crypto News

    Central Banks, BIS Collaborates to Test Digital-Currency Payments Platform

    March 22, 20221 Min Read
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    Red inscription CBDC, Central bank digital currency from binary code on a white background
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    A number of central banks and the Bank for International Settlements have created prototypes for a common digital currencies platform.

    • BIS stated that the two prototypes signal the technical viability of such a platform.
    • Codenamed “Project Dunbar,” the program also proves that financial institutions could utilize central bank digital currencies to transact with each other on a shared platform, reducing the need for intermediaries and cutting costs.
    • Andrew McCormack, head of the BIS Innovation Hub Centre in Singapore, stated that a common platform is the most efficient way for payments connectivity but remains the most difficult to achieve.
    • Central banks across the world are coming to terms with emerging payment technologies initiated by tech firms, including China’s Ant Group Co.

    The rapid growth of cryptocurrencies is creating a possible threat to existing monetary systems and pushing for immediate talks on executing cross-border money transfers.

    BTCUSD up +4.43%

    Source: BIS

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