The Swedish central bank, Sveriges Riksbank, is working with its Israeli and Norwegian counterparts and BIS to study instantaneous payments via retail cross-border CBDC.
According to the news article, “Project Icebreaker” will go through the end of the year and will finish in a report somewhere in the first quarter of 2023.
According to Beju Shah, Head of the BIS, “this first-of-its-kind project will look further into the technology, engineering, and artistic choices and trade-offs and investigate relevant policy problems.”
According to the authors, “these insights will be important for central banks considering establishing CBDCs for cross-border payments.”
BIS’s participation in “Project Icebreaker” is its fourth such international CBDC endeavour, following on from “mBridge,” “Project Dunbar,” and “Project Jura.”
As reported by a BIS consultant on Tuesday, the cross-border CBDC project mBridge has successfully completed its pilot phase, with foreign currency transactions totalling more than US$22 million.
Data from the Atlantic Council shows that as of 2017, 105 nations representing more than 95% of global GDP, were investigating CBDC and that ten had completed full rollout. The think tank also said that CBDC interoperability might be the next hurdle to overcome in the pursuit of frictionless international money transfers.