Project Icebreaker: Difference between revisions
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''Central bank digital currencies - Bank for International Settlements (BIS).'' | ''Central bank digital currencies - Bank for International Settlements (BIS).'' | ||
Project Icebreaker | Project Icebreaker was a joint initiative of the BIS and the central banks of Israel, Norway and Sweden, launched in 2022. | ||
It | It was established to explore how central bank digital currencies (CBDCs) can be used for international retail and remittance payments. | ||
:<span style="color:#4B0082">'''''Hub-and-spoke will benefit payers'''''</span> | |||
:"As detailed in the report, Project Icebreaker sets out to explore a specific way to interlink domestic systems (a so-called hub-and-spoke solution). | |||
:A cross-border transaction is broken down into two domestic payments, facilitated by a foreign exchange provider active in both domestic systems. | |||
:Therefore, retail CBDCs never need to leave their own systems. | |||
:In most existing cross-border payment systems, the payer has no choice regarding the exchange rate, as it has no control on who the provider of foreign exchange conversion is. | |||
:In the model developed by the Icebreaker project, many foreign exchange providers can submit quotes to the system's hub, which automatically selects the cheaper one for the end user." | |||
:''Bank for International Settlements - March 2023.'' | |||
| Line 33: | Line 49: | ||
* [[Fiat currency]] | * [[Fiat currency]] | ||
* [[Gold standard]] | * [[Gold standard]] | ||
* [[Hub-and-spoke]] | |||
* [[Libra]] | * [[Libra]] | ||
* [[Monetary]] | * [[Monetary]] | ||
| Line 40: | Line 57: | ||
* [[Project Mariana]] | * [[Project Mariana]] | ||
* [[Proof of concept]] | * [[Proof of concept]] | ||
* [[Retail central bank digital currency]] | * [[Retail central bank digital currency]] (rCBDC) | ||
* [[Ripple]] | * [[Ripple]] | ||
* [[Sand Dollar]] | * [[Sand Dollar]] | ||
| Line 50: | Line 67: | ||
== | ==Other resources== | ||
* [https://www.bis.org/about/bisih/topics/cbdc/icebreaker.htm | * [https://www.bis.org/about/bisih/topics/cbdc/icebreaker.htm Project Icebreaker concludes experiment for a new architecture for cross-border retail CBDCs] | ||
* [https://www.bis.org/publ/othp61.pdf BIS Report - Icebreaker - Breaking new paths in cross-border retail CBDC payments - March 2023] | |||
[[Category:Accounting,_tax_and_regulation]] | [[Category:Accounting,_tax_and_regulation]] | ||
[[Category:The_business_context]] | [[Category:The_business_context]] | ||
[[Category:Financial_products_and_markets]] | [[Category:Financial_products_and_markets]] | ||
Latest revision as of 12:21, 18 March 2023
Central bank digital currencies - Bank for International Settlements (BIS).
Project Icebreaker was a joint initiative of the BIS and the central banks of Israel, Norway and Sweden, launched in 2022.
It was established to explore how central bank digital currencies (CBDCs) can be used for international retail and remittance payments.
- Hub-and-spoke will benefit payers
- "As detailed in the report, Project Icebreaker sets out to explore a specific way to interlink domestic systems (a so-called hub-and-spoke solution).
- A cross-border transaction is broken down into two domestic payments, facilitated by a foreign exchange provider active in both domestic systems.
- Therefore, retail CBDCs never need to leave their own systems.
- In most existing cross-border payment systems, the payer has no choice regarding the exchange rate, as it has no control on who the provider of foreign exchange conversion is.
- In the model developed by the Icebreaker project, many foreign exchange providers can submit quotes to the system's hub, which automatically selects the cheaper one for the end user."
- Bank for International Settlements - March 2023.
See also
- Bank for International Settlements (BIS)
- Bitcoin
- Blockchain
- Britcoin
- Central bank
- Central bank digital currency (CBDC)
- Central bank money
- Commercial bank money
- Countering terrorist financing (CTF)
- Crypto-assets
- Cryptocurrency
- Cryptography
- Currency
- Currency substitution
- Deposit
- Digital currency
- Digital Dollar Project (DDP)
- Digital euro
- Digital public money
- Distributed ledger
- e-krona
- e-money
- Ether
- European System of Central Banks
- Fiat currency
- Gold standard
- Hub-and-spoke
- Libra
- Monetary
- Money
- Multi-CBDC arrangement
- Payment Interface Provider (PIP)
- Project Mariana
- Proof of concept
- Retail central bank digital currency (rCBDC)
- Ripple
- Sand Dollar
- Sovereignty
- Stablecoin
- Unbanked
- Under-banked
- Wholesale central bank digital currency (wCBDC)
