March 28, 2024

IMF and BIS Propose to Create CBDC for Cross-Border Settlement

IMF and BIS Propose to Create CBDC for Cross-Border Settlement

While central banks focus on domestic use of central bank digital currencies(CBDC), the Bank for International Settlements (BIS) believe that CBDC should be used outside borders.

In a document published jointly with the International Monetary Fund (IMF) and the World Bank, the BIS proposed the G20 to create a cross-border CBDC network.

Although cross-border networks are usuallycriticized for high cost, low speed, limited access and lack of transparency, the global financial triumvirate believes CBDC can make a difference.

«If CBDC projects across jurisdictions are effectively integrated, then CBDC could be used to increase cross-border payments», - explained in the document.

At the same time, most of the CBDC research and development of leading banks is mainly focused on domestic use rather than international payments.

A survey conducted in the first quarter of 2021 with 50 central banks showed that most central banks have a negative view of cross-border use of CBDCs.

25% of the Central Bank considered exclusively retailuse of CBDCs by non-residents, 20% said they had not yet considered this possibility, and only 8% of central banks planned to allow cross-border retail issuance of CBDCs.

The undisputed leader in CBDC implementation among central banks is China. The country is preparing to test the digital yuan during the 2022 Beijing Winter Olympics.

In addition, France, Switzerland, Singapore and Bahrain are at the forefront of this process.

Where is it more profitable to buy cryptocurrency? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.

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Rating of cryptocurrency exchanges:

# Exchange: Website: Rating:
1 Binance (Editor's Choice) https://binance.com 9.7
2 Bybit https://bybit.com 7.5
3 OKEx https://okex.com 7.1
4 Exmo https://exmo.me 6.9
5 Huobi https://huobi.com 6.5

The criteria by which the rating is set in our rating of crypto-exchanges:

  • Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
  • Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
  • Feedback and support– we analyze user reviews and the quality of technical support.
  • Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
  • Platform Features– availability of additional features — futures, options, staking, etc.
  • final grade– the average number of points for all indicators determines the place in the ranking.

IMF and BIS Propose to Create CBDC for Cross-Border Settlement

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