BIS called for international cooperation in the development of CBDC

The Bank for International Settlements (BIS) has called on countries to cooperate in the early stages of developing nationaldigital currencies (CBDC). This is necessary to simplify the cross-border operation of the system, the document says.

"To promote coexistence with other formsmoney and payment instruments and a reasonable level of CBDC adoption, interoperability with non-CBDC systems, both domestically and internationally, is of fundamental importance,” the experts said.

In their opinion, central banks can either agree on a set of common standards or use different “bridging” systems. At the same time, BIS admitted that there is no universal solution.

“Because central banks have different motives forexplore or develop a CBDC, they are likely to use different CBDC schemes and cross-border mechanisms. The report serves as a tool for the Central Bank to assess how best to use CBDCs for cross-border payments in the context of their own purposes.

According to the authors of the document, international cooperation and coordination in the development of national digital currencies are "necessary conditions."

Recall that in June, BIS experts called CBDC the basis of the monetary systems of the future.

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