The Bank for International Settlements (BIS) has given its support to the central banks’ plans to create national digital currencies (CBDCs).
The financial institution published last year a report in which it predicted that the introduction of central bank tokens will lay the conditions for the modernization of the financial infrastructure.
This week, the BIS, the International Monetary Fund and the World Bank have published a new report calling for the creation of a system of “bridges” between platforms for CBDC.
The essence of this concept is to create software that allows tokens to interact with each other. In simple words, financial institutions want every CBDC platform to be compatible with other similar platforms.