{"id":46324,"date":"2023-03-07T14:50:27","date_gmt":"2023-03-07T18:50:27","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=46324"},"modified":"2023-03-09T04:17:10","modified_gmt":"2023-03-09T08:17:10","slug":"bis-completes-retail-cbdc-pilot-called-project-icebreaker","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bis-completes-retail-cbdc-pilot-called-project-icebreaker\/","title":{"rendered":"BIS completes retail CBDC pilot called Project Icebreaker"},"content":{"rendered":"\n

The Bank for International Settlements <\/a>(BIS) has successfully completed a pilot retail CBDC pilot called Project Icebreaker.<\/p>\n\n\n\n

\"BIS
BIS completes retail CBDC pilot called Project Icebreaker<\/figcaption><\/figure>\n\n\n\n

The central banks of Israel, Norway, and Sweden collaborated on a project with the Bank for International Settlements (BIS) that examined the use cases for CBDCs in international retail and remittance payments.<\/p>\n\n\n\n

In a report released on March 6, the BIS stated that Project Icebreaker, a project involving the bank's Innovation Hub Nordic Centre testing the technological viability of connecting domestic CBDC systems through the Central Bank of Norway<\/a>, the Bank of Israel, and Sveriges Riksbank, had been completed. <\/p>\n\n\n\n

The BIS found that a “hub-and-spoke” architecture between domestic systems may “lower settlement and counterparty risk by employing coordinated payments in central bank money and complete cross-border transactions within seconds,” according to the paper.<\/p>\n\n\n\n

The paper stated that without a hub-and-spoke strategy, each retail CBDC system (or rCBDC) would need to establish individual particular network and infrastructure configurations in order to communicate with other CBDC systems. <\/p>\n\n\n\n

It's possible that communication between these CBDC systems won't be standardized via a common interface; rather, it will be a custom integration between each pair of rCBDC systems. This could pose threats to cyber security and would be difficult to support and maintain.<\/p>\n\n\n\n

\n

The #BISInnovationHub\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> Nordic Centre and the central banks of Israel, Norway and Sweden have concluded Project Icebreaker, which studied the potential benefits and challenges of using retail #CBDC<\/use><\/svg><\/span><\/a> in international payments @riksbanken<\/use><\/svg><\/span><\/a> @NorgesBank<\/use><\/svg><\/span><\/a> https:\/\/t.co\/2OfFYaPbr6<\/use><\/svg><\/span><\/a> pic.twitter.com\/jPFjrCXDlT<\/use><\/svg><\/span><\/a><\/p>— Bank for International Settlements (@BIS_org) March 6, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

Should the central banks of Israel, Norway, and Sweden proceed with issuing a digital shekel, digital krone, and digital krona, respectively, the study could provide the foundation for a cross-border payment system<\/a>. <\/p>\n\n\n\n

After a month-long test that enabled $22 million in cross-border transactions, the bank declared a CBDC pilot including the central banks of Hong Kong, Thailand, China, and the United Arab Emirates to be “successful” in October 2022.<\/p>\n\n\n\n

The Sand Dollar, a central bank-issued CBDC, was made available to all Bahamians in 2020, making the Central Bank of the Bahamas<\/use><\/svg><\/span><\/a> the first central bank in the world to do so. <\/p>\n\n\n\n

Chinese central bank reportedly distributed millions of digital yuan over the Lunar New Year holidays. Other nations have advanced with large-scale trials of digital currencies.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bank for International Settlements (BIS) has successfully completed a pilot retail CBDC pilot called Project Icebreaker. The central banks of Israel, Norway, and Sweden collaborated on a project with the Bank for International Settlements (BIS) that examined the use cases for CBDCs in international retail and remittance payments. In a report released on March […]<\/p>\n","protected":false},"author":43,"featured_media":46326,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4161],"tags":[772,773,13697],"class_list":["post-46324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cbdc","tag-bis","tag-cbdc","tag-project-icebreaker"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/03\/croc_1678192163484.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/46324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=46324"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/46324\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/46326"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=46324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=46324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=46324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}