Wholesale CBDCs may not fix cross-border frictions – panellists

Cross border tax evasion

Wholesale central bank digital currencies (CBDCs) have the potential to improve domestic payment infrastructure, but frictions across borders may still remain.

According to officials speaking at the Bank for International Settlement’s Innovation Summit today (March 23), wholesale CBDCs can improve payment speed and reliability.

“Wholesale CBDCs could be one solution, but it is not the [only] solution,” said Sveriges Riksbank deputy governor Cecilia Skingsley.

Skingsley noted each country

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