Norges Bank is entering into a cooperative venture with the central banks of Sweden and Israel. Together, they will explore digital central bank money.
The central banks of Norway, Sweden and Israel and the Bank for International Settlement (BIS) announced Wednesday that they will cooperate in an investigation into how digital central bank (DSP) money is used for international and international payments.
This was reported by Norges Bank in press release.
Cross-border payments today face some challenges: high costs, slow transfers, limited access, and little transparency, the letter says.
– G20 countries It launched an ambitious plan to improve cross-border payments. The purpose is to contribute to faster, cheaper and more transparent payments, and to make the services available to more people.
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“icebreaker”
The collaborative project, called Icebreaker, will study the extent to which digital central bank money can play a role in achieving these goals.
Digital Central Bank Money (DSP) is a widely available electronic money issued by the central bank in the official monetary unit.
The project will be implemented during the year, and Norges Bank writes that a public report is planned for the first quarter of 2023.
– We are pleased to be part of one of the first beta testing of cross-border payments with DSP together with our partners BIS Innovation Hub, Sveriges Riksbank and Bank of Israel. This will add significant value to our pilot testing of domestic DSP payments, Torbjørn Hægeland, Director of Financial Stability at Norges Bank, says in the letter.
You will use the Norwegian Block Exchange
On Wednesday, it also became known that Norges Bank has selected Norwegian Block Exchange (NBX) as a partner in the pilot collaboration project.
This was reported by NBX in a stock market announcement.
Cryptocurrency exchange NBX was founded by Bjorn Kjoss and his family in 2019. In December 2021, they were listed on Euronext Growth.
NBX wrote that they were selected after a bidding process.
Winning such a comprehensive bidding offer would go a long way in cementing our position as a leading crypto player in the Nordic countries, and bring us a significant step towards building a bridge between traditional finance and cryptocurrency,” says NBX CEO Stig Aleksander Kjos – guaranteed in the letter.
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