BIS Project Icebreaker proposes cross-border retail CBDC model

Central banks used smart contracts and worked with FX providers to cut costs and risk

FinTech Policy of the Year

The central banks of Israel, Norway and Sweden have published the results of cross-border retail digital currency experiments using a foreign exchange provider. 

Project Icebreaker, led by the Bank for International Settlements, developed a model in which central bank digital currencies (CBDCs) never leave domestic systems. Instead, foreign exchange providers active in both jurisdictions send quotes to hubs, which then select the cheapest trade for the end user. 

“This competitive set-up

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