The Bank for International Settlements (BIS) has urged countries to cooperate in the early stages of developing national digital currencies (CBDC). The document says this is necessary to simplify the system’s cross-border operation.

“Interoperability with non-CBDC systems, both domestically and internationally, is of paramount importance to foster coexistence and reasonable adoption of CBDC with other currencies and payment instruments,” the experts said.

In their view, central banks could either agree on a set of common standards or use different “bridging” systems. At the same time, the BIS acknowledged that there is no universal solution.

“As central banks have different motivations to explore or develop CBDCs, they are likely to use different CBDC schemes and cross-border mechanisms. The report serves as a tool for the Central Bank to consider how best to use CBDCs for cross-border payments for its own purposes.

According to the authors of the document, international cooperation and coordination in the development of national digital currencies are “necessary conditions”.

Recall that in June BIS experts called the CBDC the basis of the monetary systems of the future.

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