What project is the BIS going choose for CBDCs?
of Australian, Malaysian, Singaporean and South African banking authorities.
The projects looked at both cross-border payment, where the payer and a payee are residents of different jurisdictions and payment is made in the currency of the payer’s jurisdiction or in another currency, and offshore payments, where payment takes place take place between two institutions, neither of which is resident in the jurisdiction in which the payment is made, although the payment is typically made in the currency of that jurisdiction.
All transfers used payment versus payment protection, where transfer in one currency is not finalized until a transaction in another currency takes place. Both intraday transfers and transfers that remained on the platform indefinitely were modeled. They used common platforms, although one project used a common platform with individual subnetworks.
All the projects successfully demonstrated the feasibility of CBDC transfers. They showed that the use of smart contracts to automate rule enforcement lowers the costs involved in the transfers. The lack of intermediaries lowered the cost of transfers, with transaction being recorded in a single ledger and real-time balances being fully visible. At the same time, the project platforms were able to maintain differing access policies.
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