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Home Latest News Business The central bank of central banks is building a CBDC settlement platform

The central bank of central banks is building a CBDC settlement platform

CBDC research has been announced as a top priority for the Bank for International Settlements’ Innovation Hub (BISIH), in 2021.

According to its annual work program, BISIH, plans to explore the
feasibility of faster and cheaper cross-border payments using central
bank digital currencies. BISIH also noted that it will explore prototypes
of tiered retail CBDC distribution architectures and distributed ledgers
to issue tokenized green bonds to retail investors.


According to Cointelegraph, the BIS initiatives will be driven by the
Innovation Hub center in Hong Kong, Singapore, and Switzerland
which have been established in conjunction with local central banks.


The BISIH center in Singapore has been tasked with building an
international settlement platform on which regulated banks and
payment firms can settle transactions using different CBDCs.


The Hong Kong center will work on the green bond tokenization project,
in addition to building a bridge to facilitate foreign exchange
transactions using CBDCs, and exploring different models for
stablecoin issuance.


BISIH head, Benoît Cœ uré, stated:
This work programme shows our commitment to exploring in the most
practical ways how best to harness technological change for the benefit
of central banks and create public goods to support the global financial
system.

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