Today the Financial Stability Board published a status report on the progress towards improving cross border payments. The report included additional actions on stablecoins that might impact Diem. Separately, concrete targets have been set, including having a global average cost of retail payments to be no more than 1% with no corridors higher than 3% by the end of 2027. And the FSB published industry feedback which highlights challenges ahead.
In response to a G20 mandate, last July, the BIS outlined 19 building blocks towards improving cross border payments across four dimensions: cost, speed, access and transparency.
One of today’s documents reviews the status of these 19 buildings blocks, two of which relate to digital currency, specifically stablecoins and central bank digital currency (CBDC).
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