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Multi-CBDC cross-border payments systems inch closer to reality
Improving cross-border payments is a key priority for the G20. At the 2023 Digital Monetary Institute symposium in London, Tommaso Mancini-Griffol, deputy division chief of monetary and capital markets at the International Monetary Fund, said that Libra, Facebook’s attempt at a global currency, delivered a ‘collective shock’ to the public sector. He highlighted the inadequacies of cross-border payments: high costs, low speed and inadequate transparency. One of the most promising solutions to these problems is the interconnection of central bank digital currency systems. This is an attractive concept because of ... (full story)