Retail CBDCs can promote payment competition, report finds

BIS, HKMA and Bank of Israel say project found using different service providers need not harm security

Hong Kong

A retail central bank digital currency (CBDC) can promote digital payments competition without compromising users’ security, an experimental project has found.

The Hong Kong Monetary Authority, the Bank of Israel and the Bank for International Settlements’ regional innovation hub, also based in Hong Kong, issued the report on Project Sela. Several private companies worked on the project, including fintech firms FIS and M10 Networks, law firm Clifford Chance, and cyber security specialists Check

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