Central Banks Of Canada, UK & Singapore Consider CBDC For Cross-border Payments
The central banks of Canada, Singapore and the UK have published a report addressing some of the solutions that implementing a central bank digital currency (CBDC) could bring. This collaboration is looking at current challenges that happen with cross-border payments.
Cross-border payments are expected to rise by 5.5% per year with an estimated US$30 trillion in 2022 covering retail and corporate payments. A substantial amount of positive change is taking place to improve cross-border payments which is driven by the new technology into the existing model. With less barriers to enter on a global level, lower operational costs and faster and more transparency with cross-border payments these initiatives can produce a cross-cutting theme for international harmonisation. If you make regular international payments, then buying crypto can be a big advantage rather than going through the more traditional system.
Cross-border payments haven’t kept up with advances in domestic payments based on the current banking model which has hardly changed in the last decade. It is a challenging issue to manage cross-border payments and settlements with the lack of standardisation with regulatory requirements, data standards and operating hours. BC Bitcoin can help you buy Ripple XRP, Litecoin, EOS and all other major cryptocurrencies so that you can send international payments.
In conclusion this document identifies the short-term challenges faced by cross-border payment users. The report has an emphasis on how change is needed to drive through the revolution of central payment infrastructures. Policy-makers and industry will need to work together with further thinking to address private sector innovation. It is a starting point to evaluate future models that should be considered.
Buying Bitcoin is a fast, simple and low-cost way to receive and send international payments. We can assist you to buy and sell cryptocurrency so you can make cross-border payments more cost effective.