BIS Partners with Central Banks of Israel, Norway, and Sweden to Explore CBDCs

BIS Launches Project Icebreaker with Central Banks of Israel, Norway, and Sweden

The Bank for International Settlements (BIS) has announced a collaboration with the central banks of Israel, Norway, and Sweden to explore the use of central bank digital currencies (CBDCs) for international retail and remittance payments. This initiative, named Project Icebreaker, aims to test the feasibility of interlinking domestic CBDC systems.

Key Aspects of Project Icebreaker

The project will focus on developing a new hub that connects the proof-of-concept CBDC systems of the Central Bank of Norway, the Bank of Israel, and Sveriges Riksbank. The BIS Innovation Hub Nordic Centre will lead the testing of key functions and technological feasibility.

Significance of the Collaboration

This partnership highlights the growing interest in CBDCs as a potential solution for enhancing cross-border payment efficiency. By exploring interoperability, the project could pave the way for seamless and cost-effective international transactions.

Implications for Global Payments

Project Icebreaker represents a significant step in advancing the development of CBDCs and their role in the global financial system. The collaboration underscores the importance of international cooperation in addressing challenges and opportunities in digital currencies.