BIS proposed to create a single platform for cross-border transfers in digital currencies

Against the backdrop of general financial and economic instability in the world, transfers between commercial banks in different countries have become difficult, according to the report of the Bank for International Settlements (BIS) “Bridges of Trust and Money Flows”. BIS experts propose to solve this problem by creating a global platform for cross-border transfers in digital currency.

Financial institutions trust each other less, therefore foreign transfers become more complicated and more expensive, this is expressed in a reduction in the number of correspondent accounts in banks and a limitation in the number of currencies in which transactions can be carried out, experts say. This is exacerbated by the fact that at the international level there is no controlling structure like the central bank of central banks, which would ensure the security and transparency of transfers.