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Central bank digital money in Project Icebreaker

Central banks launching test of digital money

Cryptocurrencies are risky and can lose a lot of their value overnight. But digital money is coming. The central banks of Israel, Norway, Sweden and Bank for International Settlements (BIS) have now launched Project Icebreaker to test how digital central bank money can be used for payments and transfers.

PwC recently reported that more than 80% of central banks are considering launching a central bank digital currency (CBDC).

Project Icebreaker is a cooperation between Swedish, Israeli and Norwegian central banks and BIS Innovation Hub Nordic Centre to develop a “hub” to which the participating central banks will connect their national systems for digital central bank money. The target is testing a few specific key functions and the technical possibility to connect the countries’ systems for digital central bank money, Swedish central bank says in a press release.

Read Also:  Majority of central banks planning for digital currencies

The bank says the system is expected to allow immediate payments in digital central bank money between the countries connected to lower costs and by using existing systems based on payments sent via various banks before reaching the final destination.

The test will be ongoing until the end of the year and results will be reported in Q1 next year. The Swedish central bank said it is participating in the project as a part of the bank’s test of a local e-currency.

Beju Shahm, head of BIS Innovation Hub Nordic Centre, said takeaways from the project will be of immense value for central banks considering implementing digital central bank money for international transfers.

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