Central Banks of Canada and Singapore conduct successful experiment using Distributed Ledger Technology

May 4, 2019

 The Bank of Canada and the Monetary Authority of Singapore (MAS) have conducted a successful experiment on cross-border and cross-currency payments using central bank digital currencies. This is the first such trial between two central banks, and has great potential to increase efficiencies and reduce risks for cross-border payments.

Cross-border payments today are often slow and costly. They rely on a correspondent banking network that is subject to counterparty risk, inefficient liquidity management, and cumbersome reconciliation. The Bank of Canada and MAS have been collaborating in the use of Distributed Ledger Technology (DLT) and central bank digital currencies to make the crossborder payment process cheaper, faster, and safer.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



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