NEW: BIS_org, four central banks and 20 commercial banks conducted $22 million worth of foreign exchange transactions in a multi-CBDC pilot program, a new report detailed. nikhileshde reports
A six-week pilot project to evaluate whether central bank digital currencies would be useful for foreign exchange transfers successfully saw 20 different commercial banks conduct over 160 payments worth around a total of $22 million, the Bank for International Settlements Central banks – based in Hong Kong, China, the United Arab Emirates and Thailand – issued over $12 million on the platform, allowing the commercial banks to conduct payment and foreign exchange payment versus payment...
According to the document published Wednesday, one issue the banks found was that the on-bridge transactions lacked"an efficient FX price-discovery mechanism.
The pilot itself occurred in three phases between Aug. 15, 2022 and Sept. 23, adding new jurisdictions in each phase. The pilot also incorporated safeguards to prevent excess or insufficient liquidity issues. Looking ahead, the report went on to note the potential implications of allowing commercial banks to engage in foreign CBDC transactions.
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