Thread by @RaphAuer

Brand new survey -and thread - on #CBDCs beyond borders:
bis.org/publ/bppdf/bis…

There is considerable interest in the potential of CBDCs to improve #crossborderpayments - this is also included in the #G20-endorsed roadmap to improve #crossborderpayments. [1/n]

As part of the roadmap, a stocktake of provisional CBDC designs and experimentation was requested, lead by the CPMI and the @BIS_org Innovation Hub, in consultation with @IMFNews and @WorldBank. BIS Paper 116 contributes to this work...[2/n]

with a survey of 50 central banks’ initial thinking on cross-border use of CBDCs. Findings are:

1. There is a tentative inclination towards allowing use of a future CBDC by tourists and other non-residents domestically.

2. Central banks have a cautious approach... [3/n]

...to allowing use of a CBDC beyond their own jurisdiction, and concerns about the economic and monetary implications of cross-border CBDC use and about private sector global #stablecoins are taken seriously.

3. On The technological side, ... [4/n]

....28% of surveyed central banks are considering options to make CBDCs interoperable by forming multi-CBDC arrangements (#mCBDC). That we had laid our in previous work bis.org/publ/bppdf/bis… [5/n]

here, all three models are being considered. [6/n]

4. Finally, almost 14% of respondents are considering an active role for the central bank in FX conversion.

This is joint work with Codruta Boar, Giulio Cornelli, Jon Frost, Henry Holden, and Andreas (Tres) Wehrli. [7/, n=7]