Retail CBDCs Can Promote Payment Competition
A retail central bank digital currency (CBDC) can promote digital payments competition without compromising user security, according to an experimental project. The Hong Kong Monetary Authority, Bank of Israel, and the Bank for International Settlements’ regional innovation hub, along with fintech firms FIS and M10 Networks, law firm Clifford Chance, and cyber security specialists Check, collaborated on the project. The Bank for International Settlements (BIS) unveiled the results of Project Sela on September 12.
Project Sela is a public-private partnership aiming to create a Retail Central Bank Digital Currency (rCBDC) that combines physical cash benefits with digitalization efficiency. The initiative involves collaboration between central banks and private sector entities, with fintech giants FIS and M10 Networks providing core products, Clifford Chance overseeing legal analysis, and Check Point Software Technologies handling cybersecurity.
(With inputs from Shikha Singh)
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