Central banks of Israel, Norway and Sweden: Testing CBDC payments with BIS

The Bank for International Settlements (BIS) has announced that it is working with the central banks of Israel, Norway and Sweden to explore the potential of using central bank digital currencies (CBDCs) in international retail and remittance transactions.

In an announcement on September 28 , the BIS said that as part of the Icebreaker project, the Innovation Hub Nordic Center will test key capabilities and technological feasibility with a view to linking national CBDC systems. Central banks will develop a new center to which the Norwegian central bank, the Bank of Israel and the Swedish central bank can connect their respective CBDC systems.

Beju Shah, head of the Innovation Hub Nordic Centre, said the experiment will explore the shape and architecture of CBDCs and the policy issues involved. The aim of the project is to improve cross-border payments using CBDCs by reducing costs and increasing speed and transparency. A final report should be available in the first quarter of 2023.

"Efficient and easily accessible cross-border payments are extremely important for a small and open economy like Israel. These aspects are important motives for the possible issuance of a digital shekel," said Bank of Israel Deputy Governor Andrew Abir. "The results of the project are very important for our future work on the digital shekel."

The BIS reported on September 27 that a CBDC pilot project involving the central banks of Hong Kong, Thailand, China and the United Arab Emirates succeeded after a month-long trial. Cross- border transactions worth $ 22 million were carried out as part of this project.

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