Digital Cash Can Speed Cross-Border Payments: Banks Body

By Najiyya Budaly (September 28, 2021, 1:58 PM BST) -- Digital currencies issued by central banks could slash the time it takes to make cross-border payments and cut costs, boosting worldwide trade and economic development, the Bank for International Settlements said on Tuesday.

The global standards coordinator for central banks said that a pilot project run by its innovation hub showed that cross-border transactions could be made in seconds, rather than days, by using central bank digital currencies. The process could also halve costs, according to the project's report.

Central bank digital currencies, or CBDCs, are traditional money in digital form and are issued and governed by national central banks. They differ...

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