In a research report, the BISIH highlighted results achieved from four recent cross-border multiple CBDC platform pilot projects the BIS partook in with different central banks worldwide.
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According to the BIS, the need for the project is due to "the collapse of many stablecoins and decentralized finance (DeFi) lending platforms."
Bank of Israel partnered with the Hong Kong Monetary Authority and the Bank for International Settlements to test the feasibility of a digital shekel for retail use.
In a statement, the body said that it is currently working towards issuing its second consultation paper on the prudential treatment of banks' digital assets exposure.
The watchdog believes that regulators must crack down on exchanges to protect the banking fraternity as more mainstream institutions jump into digital assets.
90% of 81 central banks are at various stages of development of a digital currency, according to a recently published survey conducted by the Bank for International Settlements.
The 21-page report discussed the key areas for central bank digital currencies, such as the motivations for issuance and potential concerns about the key designs that CBDCs should integrate.
The CBK governor believes that central banks must address their financial challenges directly before launching a digital currency as it risks exacerbating them.
The Bank for International Settlements also partnered with South African and Malaysian central banks to develop the prototypes for an international settlement platform using multiple digital currencies.
The French and Swiss central banks tested the use of a wholesale CBDC in cross-border funds transfers, with Credit Suisse, Accenture, and others participating.