The Bank for International Settlements plans to use CBDC wholesale settlements for instant cross-border transfers
2024-06-04 08:40:51
To improve traditional cross-border transfers, the Bank for International Settlements has announced the launch of Project Rialto, which aims to enhance instant cross-border transfers by combining modular foreign exchange components with central bank wholesale digital currency CBDC settlements. Launched by the BIS Innovation Centre and the Singapore Centre in collaboration with several central banks, the initiative aims to solve the current challenges of high cost, slow speed and complexity of foreign exchange services.
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