The Bank for International Settlements (BIS) called on countries to cooperate in the early stages of developing national digital currencies (CBDC). This is necessary to facilitate cross-border operation of the system, the document says.
“In order to promote coexistence with other forms of money and payment instruments and a reasonable level of implementation of CBDC, it is of fundamental importance interoperability with non-CBDC systems, both domestically and internationally,” the experts said.
In their opinion, central banks can either agree on a set of common standards or use different “connecting” systems. At the same time, the BIS acknowledged that there is no one-size-fits-all solution.
“Because central banks have different motivations for exploring or developing CBDCs, they are likely to use different CBDC schemes and cross-border arrangements. The report serves as a tool for the Central Bank to assess how best to use CBDC for cross-border payments in the context of their own purposes,” the BIS emphasized.
According to the authors of the document, international cooperation and coordination in the matter the development of national digital currencies are “necessary conditions”.
Recall that in June, BIS experts called CBDC the basis of the future monetary systems.
