BIS Announces Successful Completion Of CBDC For Cross-border Transactions

The world is gradually heading towards a cashless society such as CBDC making cash payments obsolete. When this happens, fiat currencies might no more be in use. So central banks are aggressively launching Central Bank Digital Currencies for easy virtual transactions. Many countries are either in the process of developing their Central Bank Digital Currency (CBDC) or have already done so. Moving forward for CBDC adoption in cross-border payments, the Bank of International Settlements (BIS) started testing a multi-jurisdictional CBDC one month ago. The BIS has announced the successful completion of the pilot for the multi-jurisdictional central bank digital currency. Related Reading: Solana Clears 100 Billion Transaction Count As NFTs Gain Prominence The test lasted five weeks with $12 million worth of real-value transactions, facilitating over 160 cross-border payments. In addition, during the pilot, foreign exchange transactions worth over $22 million occurred between 20 participating commercial banks. Along with the 20 commercial banks, the central banks of China, Hong Kong, Thailand, and UAE also participated in the pilot. This news was shared via a LinkedIn post on Tuesday by Daniel Eidan, an Advisor and Solutions Architect at the Bank of International Settlement. Fully Functional CBDC Platform To Emerge The news attracted a lot of comments from financial experts. Maciej Janusz, an eCommerce Business Development executive,...