Cross-border CBDC challenging to deliver, officials warn

But digital currency could tackle “extremely high” remittance costs, says IMF’s Tobias Adrian

Fabio Panetta speaking at the ECB forum in Sintra on June 27, 2023
Fabio Panetta

Many countries are building central bank digital currency (CBDC) on a domestic level and some have already launched systems, but cross-border use is much harder to pull off, officials warned today (October 12).

Fabio Panetta, executive board member at the European Central Bank, said making the digital euro available abroad is “not that easy”. He noted interoperability of even two currencies would require users to have apps that can work together and shops with the right terminals. Countries

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