Bank of Israel, BIS, Hong Kong Monetary Authority to test retail CBDC feasibility

06/17 03:19

According to Reuters, Israel’s central bank said on Thursday it was teaming up with the Hong Kong Monetary Authority and the Bank of International Settlements’ (BIS) Innovation Lab to test the feasibility of a central bank digital currency (CBDC) for retail. The test will be cyber-security secured and in the proposed model, the intermediaries will have no financial exposure from customers holding or transferring CBDC, resulting in reduced risk and costs, the Bank of Israel said. The so-called Sela project, led by the BIS Innovation Hub’s Hong Kong centre, is planned to begin in the third quarter and findings will be published by the end of the year.
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