Central Banks of Israel, Norway, and Sweden Model Hub for Digital Currency Payments

The central banks of Israel, Norway, and Sweden have collaborated to develop a cross-border payment platform project that explores the potential of central bank digital currencies (CBDCs) for international retail and remittance payments. The Bank for International Settlements (BIS) has also joined the project to explore the potential of CBDCs for international payments. The Bank of Israel has accelerated its study and research for the possible issuance of a digital shekel to create a more efficient payment system.

Highlights

Here are the highlights of the Central Banks of Israel, Norway, and Sweden Model Hub for Digital Currency Payments:

• The central banks of Israel, Norway, and Sweden collaborated on a project to explore the potential of CBDCs for international retail and remittance payments.
• The Bank for International Settlements (BIS) has also joined the project to explore the potential of CBDCs for international payments.
• The Bank of Israel has accelerated its study and research for the possible issuance of a digital shekel to create a more efficient payment system.
• The project successfully conducted a technical feasibility test for cross-border payments between Israel, Norway, and Sweden, showing rapid progress in pushing the agendas forward.

Step-by-Step Process

Here is a step-by-step process for the Central Banks of Israel, Norway, and Sweden Model Hub for Digital Currency Payments:

1. The central banks of Israel, Norway, and Sweden collaborated on a project to explore the potential of CBDCs for international retail and remittance payments.
2. The Bank for International Settlements (BIS) has also joined the project to explore the potential of CBDCs for international payments.
3. The Bank of Israel has accelerated its study and research for the possible issuance of a digital shekel to create a more efficient payment system.
4. The project successfully conducted a technical feasibility test for cross-border payments between Israel, Norway, and Sweden, showing rapid progress in pushing the agendas forward.
5. The project aims to explore the potential of CBDCs for international retail and remittance payments.

Source: https://www.timesofisrael.com/central-banks-of-israel-norway-and-sweden-model-hub-for-digital-currency-payments/