The Bank of England and the Bank for International Settlements (BIS) London Innovation Centre have successfully tested their blockchain-powered settlements system, Project Meridian, between the central banks. The pilot project saw banks complete a house purchase in Wales and England through the synchronization network using distributed ledger technology (DLT), and insights from the project will be used by the Bank of England in its Real-Time Gross Settlement (RTGS) system. The synchronization network and RTGS system using APIs could be extended to other asset classes, such as foreign exchange, and reduce the time, costs, and risks of transactions. The system aims to provide a settlement system for central bank digital currencies (CBDCs), but there are reservations about its possible use, including identity verification mechanics and legal questions about the final point of irrevocability of settlement and digital representation of asset ownership.

 A Bank of International Settlements (BIS) working paper compared models of private tokenized money in terms of their singleness as a complement to a central bank digital currency.

Economists at the Bank for International Settlements (BIS) have suggested that introducing a retail central bank digital currency (CBDC) with a rate of issuance of 40% of Gross Domestic Product (GDP) could bring significant macroeconomic and financial stability gains in the long run.

The Project Icebreaker report explains that it aims to investigate a particular approach for linking domestic systems, known as the hub-and-spoke solution.

The Bank for International Settlements (BIS) has successfully completed a pilot retail central bank digital currency (CBDC) pilot called Project Icebreaker, according to a March 6 press release.

In partnership with the central banks of Israel, Sweden, and Norway, the Bank for International Settlements (BIS) has finalized a project that explores the potential advantages and challenges of using central bank digital currencies (CBDC) in international payments.

Global banks’ exposure to crypto-assets remains minuscule and mostly declined during 2022, the Bank for International Settlements (BIS) said in its latest BASEL III Monitoring report.

The Bank for International Settlements (BIS) has published its Bulletin No 69, titled “Crypto shocks and retail losses,” which investigates the behavior of crypto investors and whether the sector has impacted broader financial markets.

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Agustin Carstens, the general manager of the Bank for International Settlements (BIS), believes that cryptocurrencies have lost the battle against national currencies such as the euro, pound, and yen. Carstens gave a speech at the Monetary Authority of Singapore and was also interviewed by Bloomberg News. The BIS general manager told Bloomberg that the battle between fiat and crypto assets “has been won.” Carstens insisted that technology alone does not make for “trusted money.” The BIS GM added: