BIS urges central banks to build 'bridges' between CBDC platforms

by in Cryptocurrency News

BIS

The Bank for International Settlements (BIS) supports central banks' plans to create national digital currencies (CBDCs).

Back in 2021, this financial institution published a report in which it predicted that the introduction of Central Bank tokens will lay the conditions for the modernization of the financial infrastructure.

This week, the BIS, the International Monetary Fund, and the World Bank published a new report calling for the creation of a system of "bridges" between platforms for CBDC.

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The essence of this concept is to create software that allows tokens to interact with each other. Simply put, financial institutions want every CBDC platform to be compatible with other similar platforms.

Moreover, BIS and IMF researchers do not exclude that a universal platform can be created for the deployment and interaction of several CBDCs at the same time.

To do this, central banks should work together to develop a global standard for regulating transactions with such instruments, which will minimize the risks of their criminal use.