BIS, 7 major central banks to test new digital currency platform

Economy

The Bank for International Settlements, a group that promotes international financial cooperation, will collaborate with the Bank of Japan and six other major central banks on a trial of a new platform designed to speed up and lower the costs of digital currency transactions, they said Wednesday.

The monetary authorities aim to work with commercial banks on the project as China’s move to experiment with its digital yuan has prompted them to examine the benefits and challenges of issuing central bank digital currencies, or CBDCs, that could transform how people and businesses settle transaction...

Kyodo News

Kyodo News