Global CBDC network could save multinationals nearly $100bn

Digital currency

A new report calculates that a global payment network of wholesale central bank digital currencies (CBDCs) could save multinational corporates nearly $100 billion a year.

The paper, published by JPMorgan Chase and the consultancy Oliver Wyman, finds that multinationals pay about $120 billion annually to complete $23.5 trillion in cross-border transactions.

These exchanges often take two or three days to complete and rely on extended chains of correspondent banks across multiple payment grids

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