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Central banks conclude cross-border CBDC experiment, Project Icebreaker
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finextra.comIn the tests, a cross-border transaction is broken down into two domestic payments, facilitated by a foreign exchange provider active in both domestic systems.
In most existing cross-border payment systems, the payer has no choice regarding the exchange rate, as it has no control on who the provider of foreign exchange conversion is.
In the model developed by the Icebreaker project, many foreign exchange providers can submit quotes to the system’s hub, which automatically selects the cheaper one for the end user.
This competitive set-up mitigates the risk of insufficient liquidity in the desired currency pair, which can drive fees up and even delay the transaction.
Read more on finextra.comAbout this in other media
CryptoUK calls on regulators to address de-banking of digital asset firms cointelegraph.com /2 months ago
Central Banks Should Press Ahead With Rate Rises Despite Bank Pains, Says OECD wsj.com /2 months ago
Central banks around world move to boost flow of cash amid confidence concerns theguardian.com /2 months ago
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