Central Banks of Israel, Norway and Sweden Partner On Retail CBDC

The central banks of Israel, Norway and Sweden are collaborating with the Bank for International Settlements (BIS) to explore the usage of central bank digital currencies (CBDCs) for international retail and remittance payments.

The BIS is an association of 61 central banks from around the world.

The BIS has innovation hubs set up in multiple locations focused on exploring the applications of new financial technologies including CBDCs, which are digital versions of countries’ sovereign currencies.

The new collaboration, called Project Icebreaker, involves the BIS Innovation Hub’s Nordic Centre.

Project Icebreaker will test key functions and technical aspects of interlinking different domestic CBDC systems.

The International Monetary Fund has said CBDCs could cut costs for international payments while

Earlier this week, the BIS Innovation Hub announced the success of a project involving multiple Asian CBDCs that facilitated over $22 million in foreign-exchange transactions.

Project Icebreaker will test near-instant retail CBDC payments across borders at lower costs. A final report on the project is expected in the first quarter of 2023.

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