Publication:
Central Bank Digital Currencies for Cross-border Payments: A Review of Current Experiments and Ideas

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dc.contributor.authorWorld Bank
dc.date.accessioned2021-12-21T21:59:05Z
dc.date.available2021-12-21T21:59:05Z
dc.date.issued2021-11
dc.description.abstractOver 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.en
dc.identifierhttp://documents.worldbank.org/curated/undefined/369001638871862939/Central-Bank-Digital-Currencies-for-Cross-border-Payments-A-Review-of-Current-Experiments-and-Ideas
dc.identifier.doi10.1596/36764
dc.identifier.urihttps://hdl.handle.net/10986/36764
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectCROSS-BORDER PAYMENT
dc.subjectINTERNATIONAL FINANCIAL ARCHITECTURE
dc.subjectLEGAL ISSUES
dc.subjectDIGITAL CURRENCY
dc.subjectCRYPTOCURRENCY
dc.subjectCENTRAL BANK COORDINATION
dc.subjectFOREIGN EXCHANGE
dc.titleCentral Bank Digital Currencies for Cross-border Paymentsen
dc.title.subtitleA Review of Current Experiments and Ideasen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.crossref.titleCentral Bank Digital Currencies for Cross-border Payments
okr.date.disclosure2021-12-07
okr.date.doiregistration2025-05-07T09:58:22.927647Z
okr.date.lastmodified2021-12-07T00:00:00Zen
okr.doctypeEconomic & Sector Work
okr.doctypeEconomic & Sector Work::Other Financial Sector Study
okr.docurlhttp://documents.worldbank.org/curated/undefined/369001638871862939/Central-Bank-Digital-Currencies-for-Cross-border-Payments-A-Review-of-Current-Experiments-and-Ideas
okr.guid369001638871862939
okr.identifier.externaldocumentum090224b088bf917a_1_0
okr.identifier.internaldocumentum33661147
okr.identifier.report166673
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/369001638871862939/pdf/Central-Bank-Digital-Currencies-for-Cross-border-Payments-A-Review-of-Current-Experiments-and-Ideas.pdfen
okr.topicFinance and Financial Sector Development::Currencies and Exchange Rates
okr.topicFinance and Financial Sector Development::Financial Regulation & Supervision
okr.topicFinance and Financial Sector Development::Financial Structures
okr.topicFinance and Financial Sector Development::International Financial Markets
okr.topicFinance and Financial Sector Development::Payment Systems & Infrastructure
okr.unitEFI-MNA-FCI-Finance-2 (EMNF2)
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