Will the use of CBDCs improve cross-border payments?

International trials using CBDCs highlight significant architectural and practical challenges, writes Warren Coats


Hunter-gatherers do not trade. They raid. Nor do they save, consuming their food as and when they find it. They therefore have no need of money.”

The ascent of money: a financial history of the world, 10th anniversary edition by Niall Ferguson

Most countries’ money (unit of account, medium of exchange and a store of value) is supplied by hundreds of firms (such as banks). Ultimately, it is a claim on its issuing central bank. Paying money (moving it from one owner to another) can be

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