Interoperability will help CBDCs succeed, says BIS researchers
Central bank digital currencies are gaining popularity globally as an increasing number of apex banks are either developing their digital currencies or researching the best way to do so. However, one aspect they are yet to adequately discuss is the interoperability of the digital currencies.
CBDCs need to ease cross-border transactions
Researchers at the Bank of International Settlement believe that CBDCs would benefit from working together to eliminate traditional banking frictions. In their research note, the researchers said CBDCs would give countries the opportunities to improve vital cross-border payment rails.Authors Raphael Auer, Philipp Haene and Henry Holden offered various mechanisms that multi-CBDC can use to eliminate interoperability, ensuring that cross-border transactions become faster, easier, and cheaper.
However, the researchers said the biggest benefits would only come if countries collaborate to eliminate traditional banking frictions when the CBDCs become available. "In CBDC – just as with any payment means – common technical standards, such as message formats, cryptographic techniques, data requirements and user interfaces can reduce the operational burden of participating in multiple systems," the paper added.
Central banks collaborating wouldn't be easy
Despite their optimism that CBDCs would eliminate cross-border transaction challenges, the researchers know that it wouldn't be easy to get different countries to work on the same page. "However, without coordinated policy action, compatibility takes time. Experience has shown it takes years to coordinate participants in complex markets to move to common message standards (e.g., ISO 20022) or align legal frameworks."Most of the problems associated with cross-border payments by banks and payment service providers stem from legal and regulatory compatibility. Regardless, the researchers said CBDCs could benefit from a clean slate. A system needs to be designed with international standards in mind, ensuring it encourages private participants' diversity.
The researchers admired Facebook's idea to unite the digital payments system via its Diem project. However, they believe interoperable CBDCs are preferable over stablecoins. They maintained that convertible national digital currencies strengthen monetary sovereignty in the digital age, while private stablecoins would simply shift the cross-border risks elsewhere.
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