The Central Bank of Great Britain, Canada and Singapore offered to use CDBC for cross-border payments

The Central Bank of Great Britain, Canada and Singapore proposed to solve the problems of the existing cross-border payment system using the digital currency of central banks (CDBC).

In a jointly developed document, three Central Bank reviewed the possibility of caring from the existing channels of interbank operations and the transition to one of three CDBC models. The first provides for the creation of cryptocurrency, which will act only in specific jurisdiction and is not exchanged. According to the second, the emission of virtual currencies is assumed, which can be freely converted, in fact digital analogs of FIATA. In the third case, it is proposed to create a single generally accepted means of payment supported by several currencies, by analogy with the euro in the EU.

According to currency offices of countries, the new approach will reduce the period of operations, which will reduce the level of calculated risks of counterparties. The absence of delays will increase liquidity indicators due to round-the-clock access to the means. Among other advantages is an increase in transparency of operations, reducing operational costs and improving the security level of the system.

However, the report also says that such changes will weaken the control of central banks, therefore, will lead to the «deterioration of the management structure». Central Bank of Canada and Singapore examine the CDBC concept for some time, and earlier this week

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