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One Bank Oligopolies or open, collaborative networks? The future of cross-border payments

In the Annual Economic Report (June 26 2022) BIS released an interesting study on the monetary system and the future of cross-border payments. BIS predicts that the future technology, that could replace the current correspondent banking model, would be blockchain networks utilizing regulated assets such as M0 (central bank money) or M1 (commercial bank money) and not crypto assets. They elaborate on how local RTGS systems can be connected by using CBDCs, enabling global real-time payments at low costs and eliminating.......

"Centiglobe offers an open, collaborative network operating on a private, permission-based chain. Using tokenization, CBDCs can be synthetically created, enabling risk-free value transfers."

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