HK, Singapore to help BIS advance CBDC development

Monday 25 January 2021 11:04 CET | News

The Bank for International Settlements (BIS) has announced that CBDC research will be a top priority in the coming year for its Innovation Hub.

Hong Kong and Singapore will play key roles in central bank digital currency (CBDC) research conducted by BIS. Its Innovation Hub has centres in Hong Hong, Singapore, and Switzerland that have been established in conjunction with local central banks, Cointelegraph reports.

The Hub plans to experiment with faster and cheaper cross-border payments using central bank digital currencies and explore prototypes of ‘tiered retail CBDC distribution architectures’ and distributed ledgers to issue ‘tokenized green bonds to retail investors’.

The Singapore centre will build an ‘international settlement platform’ on which regulated banks and payment firms can settle transactions using CBDCs, while the one in Hong Kong will work on the green bond tokenization project.

To learn more about this topic, CBDCs, download our ebook Central Bank Digital Currencies for Dummies – A Quick Guide into CBDCs.

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Keywords: CBDC, BIC, Central banks, stablecoins, tokenisation, DLT, settlement, payments , retail CBDC
Categories: DeFi & Crypto & Web3
Countries: Hong Kong
This article is part of category

DeFi & Crypto & Web3