Central Bank Digital Currencies for Cross-border Payments : A Review of Current Experiments and Ideas
Over the years, the demand for seamless and inexpensive cross-border payments has grown in parallel with growth in international e-commerce, remittances and tourism. Yet, cross-border payments have not kept pace with the intensive modernization tha...
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World Bank, Washington, DC
2021
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| Online Access: | http://documents.worldbank.org/curated/undefined/369001638871862939/Central-Bank-Digital-Currencies-for-Cross-border-Payments-A-Review-of-Current-Experiments-and-Ideas http://hdl.handle.net/10986/36764 |
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okr-10986-367642021-12-22T05:10:48Z Central Bank Digital Currencies for Cross-border Payments : A Review of Current Experiments and Ideas World Bank CROSS-BORDER PAYMENT INTERNATIONAL FINANCIAL ARCHITECTURE LEGAL ISSUES DIGITAL CURRENCY CRYPTOCURRENCY CENTRAL BANK COORDINATION FOREIGN EXCHANGE Over the years, the demand for seamless and inexpensive cross-border payments has grown in parallel with growth in international e-commerce, remittances and tourism. Yet, cross-border payments have not kept pace with the intensive modernization that has characterized domestic payment services worldwide. An alternative avenue to modernize delivery of cross-border payment services is being increasingly explored in the context of central banks issuing their own digital currency. A central bank digital currency (CBDC) could well incorporate options and features specifically designed to execute cross-border payments, with a view to reducing the inefficiencies and rents discussed above by shortening the payments value chain. This report discusses the use of CBDCs for cross-border payments. The report reviews the models that have been developed for this purpose to date and discusses critical legal issues that arise in the context of cross-border use of CBDC. This report is organized as follows. Section II specifically discusses the models developed jointly by the Bank of Canada, Bank of England, and Monetary Authority of Singapore; Section III evaluates how cross-border CBDCs address challenges of the existing correspondent banking arrangement; Section IV discusses the legal issues involved in cross-border use of CBDCs, and Section V concludes the report with some general remarks. 2021-12-21T21:59:05Z 2021-12-21T21:59:05Z 2021-11 Report http://documents.worldbank.org/curated/undefined/369001638871862939/Central-Bank-Digital-Currencies-for-Cross-border-Payments-A-Review-of-Current-Experiments-and-Ideas http://hdl.handle.net/10986/36764 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Other Financial Sector Study |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
CROSS-BORDER PAYMENT INTERNATIONAL FINANCIAL ARCHITECTURE LEGAL ISSUES DIGITAL CURRENCY CRYPTOCURRENCY CENTRAL BANK COORDINATION FOREIGN EXCHANGE |
| spellingShingle |
CROSS-BORDER PAYMENT INTERNATIONAL FINANCIAL ARCHITECTURE LEGAL ISSUES DIGITAL CURRENCY CRYPTOCURRENCY CENTRAL BANK COORDINATION FOREIGN EXCHANGE World Bank Central Bank Digital Currencies for Cross-border Payments : A Review of Current Experiments and Ideas |
| description |
Over the years, the demand for
seamless and inexpensive cross-border payments has grown in
parallel with growth in international e-commerce,
remittances and tourism. Yet, cross-border payments have not
kept pace with the intensive modernization that has
characterized domestic payment services worldwide. An
alternative avenue to modernize delivery of cross-border
payment services is being increasingly explored in the
context of central banks issuing their own digital currency.
A central bank digital currency (CBDC) could well
incorporate options and features specifically designed to
execute cross-border payments, with a view to reducing the
inefficiencies and rents discussed above by shortening the
payments value chain. This report discusses the use of CBDCs
for cross-border payments. The report reviews the models
that have been developed for this purpose to date and
discusses critical legal issues that arise in the context of
cross-border use of CBDC. This report is organized as
follows. Section II specifically discusses the models
developed jointly by the Bank of Canada, Bank of England,
and Monetary Authority of Singapore; Section III evaluates
how cross-border CBDCs address challenges of the existing
correspondent banking arrangement; Section IV discusses the
legal issues involved in cross-border use of CBDCs, and
Section V concludes the report with some general remarks. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Central Bank Digital Currencies for Cross-border Payments : A Review of Current Experiments and Ideas |
| title_short |
Central Bank Digital Currencies for Cross-border Payments : A Review of Current Experiments and Ideas |
| title_full |
Central Bank Digital Currencies for Cross-border Payments : A Review of Current Experiments and Ideas |
| title_fullStr |
Central Bank Digital Currencies for Cross-border Payments : A Review of Current Experiments and Ideas |
| title_full_unstemmed |
Central Bank Digital Currencies for Cross-border Payments : A Review of Current Experiments and Ideas |
| title_sort |
central bank digital currencies for cross-border payments : a review of current experiments and ideas |
| publisher |
World Bank, Washington, DC |
| publishDate |
2021 |
| url |
http://documents.worldbank.org/curated/undefined/369001638871862939/Central-Bank-Digital-Currencies-for-Cross-border-Payments-A-Review-of-Current-Experiments-and-Ideas http://hdl.handle.net/10986/36764 |
| _version_ |
1764485840847765504 |