Three Big Countries Agree for Digital Currency (CBDC)!

Many countries have their own blockchain It continues its efforts to produce a digital currency (CBDC)-based digital currency (CBDC). According to the latest announcements, the three big countries CBDC collaborating for their development.

Bank for International Settlements (BIS) for CBDC developments Israel, Sweden and Norway announced on Twitter that central banks are collaborating.

the #BISInnovationHub Nordic Centre, @riksbanken @NorgesBank and Bank of Israel are launching Project Icebreaker to explore how #CBDCs can be used for international retail and remittance payments using a hub-and-spoke model. Read more: https://t.co/1aRTCtJprM pic.twitter.com/CR1tCdAh1j

— Bank for International Settlements (@BIS_org) September 28, 2022

According to the statement made on the BIS website, the central banks of the three countries will conduct a joint research on how digital money can be used in end-user, international trade and remittance transactions.

The project, which will be carried out jointly by the central banks of Israel, Norway and Sweden, was named Project Icebreaker.

The three countries themselves digital money will also exchange information on the development of their units.

In the announcement made on the site, there is a reference to the fact that cross-border payments made with paper money create greater costs in today’s conditions and are carried out in a longer time. Digital currencies largely eliminate this problem.

Beju Shah, Head of the Scandinavian region’s BIS Innovation Center, said:

“This first-of-its-kind collaboration will reveal the most comprehensive research on the use of CBDCs in cross-border payments. This cooperation will shine a light not only on the three countries, but also on all central banks working on digital currency.”

At the G20 meeting held last July, the use of digital currencies for cross-border payments was on the agenda. Member countries jointly launched a study of CBDCs.