The BIS, along with the Reserve Bank of Australia, Monetary Authority of Singapore, Bank Negara Malaysia and South African Reserve Bank, will develop platforms for cross-border transactions using multiple central-bank digital currencies (CBDC), which are digital versions of national currencies. Central banks seek to bolster the public's trust in government-issued money in the face of competition from cryptocurrencies. A BIS survey of central banks found that 86% were actively researching the potential for CBDCs, 60% were experimenting with the technology and 14% were deploying pilot projects. The new platform will allow financial institutions to transact directly with each other in digital currencies issued by central banks, eliminating the need for intermediaries. -GEG

The Bank for International Settlements and four central banks will test the use of digital currencies for cross-border transactions, as global regulators seek to improve the speed of movement of money in a cheaper, more transparent manner.