LONDON – Central banks will have to make “fundamental” decisions on cross-border access for a digital version of their currency to serve as a means of payment effectively, a committee at the Bank for International Settlements said on Monday.
“Central banks must make critical choices on the access of non-residents and foreign financial institutions to central bank digital currencies (CBDCs), as well as ensuring multinational interoperability, to fully harness the potential for CBDCs to enhance cross-border payments,” the BIS committee said in a statement.
(Reporting by Huw Jones; Editing by Catherine Evans)