BIS

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‘Faster and Cheaper Cross-Border Transfers’ — Banking Report Led by BIS Highlights the Benefits of Cryptocurrency

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According to a report published by the Bank of International Settlements (BIS) and a group of central banks, digital currencies can lead to faster settlement and cheaper transfers. Moreover, the banking group leveraged a prototype that shows how money transfers can be done in seconds with very little processing fees. Inexpensive Transfers & Speed: Bank … Read more

BIS Asks Central Banks to Urgently Develop CBDCs to Compete With Crypto Assets

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The head of the Bank of International Settlements (BIS) Innovation Hub, Benoît Cœuré, has urged central banks to act now on central bank digital currencies (CBDCs) to compete with initiatives in the private sector, including cryptocurrencies. “CBDCs will take years to be rolled out, while … crypto assets are already here,” he said. BIS Says … Read more

Australia, Singapore, Malaysia, and South Africa to Trial Cross-Border Digital Currency Payments

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The central banks of Australia, Singapore, Malaysia, and the Republic of South Africa have set out to test the use of state-issued digital currencies in cross-border payments. The trial, led by the Bank for International Settlements, aims to establish whether they can simplify transactions and make them cheaper. Reserve Bank of Australia Teams Up With … Read more

IMF, World Bank, BIS Recommend Countries Work Together on CBDCs to Enhance Cross-Border Payments

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The International Monetary Fund (IMF), the World Bank, and the Bank of International Settlement (BIS) have conducted an extensive study of using central bank digital currencies (CBDCs) for cross-border payments. Their report to the G20 states that enhanced cross-border payments “can be achieved … as long as countries work together.” The Committee on Payments and … Read more

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