{"id":523643,"date":"2022-12-09T00:30:00","date_gmt":"2022-12-08T21:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/dmi-finds-cbdcs-not-targeting-cross-border-payments-huge-potential-in-metaverse\/"},"modified":"2022-12-09T00:30:00","modified_gmt":"2022-12-08T21:30:00","slug":"dmi-finds-cbdcs-not-targeting-cross-border-payments-huge-potential-in-metaverse","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/dmi-finds-cbdcs-not-targeting-cross-border-payments-huge-potential-in-metaverse\/","title":{"rendered":"# DMI finds CBDCs not targeting cross-border payments, huge potential in Metaverse"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a352e6d62de9\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a352e6d62de9\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/dmi-finds-cbdcs-not-targeting-cross-border-payments-huge-potential-in-metaverse\/#%E2%80%9D_DMI_finds_CBDCs_not_targeting_cross-border_payments_huge_potential_in_Metaverse_%E2%80%9C\" >&#8221; DMI finds CBDCs not targeting cross-border payments, huge potential in Metaverse &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_DMI_finds_CBDCs_not_targeting_cross-border_payments_huge_potential_in_Metaverse_%E2%80%9C\"><\/span>&#8221; DMI finds CBDCs not targeting cross-border payments, huge potential in Metaverse &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvMjU2ZWU1ZTMtYmI0ZS00ZDQ1LWI4YjMtODliZWEzNTg4OTg4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-30a6cf80>Central bank digital currency (CBDC) development aims squarely at inclusion, both for the central bank in the national economy and for the people it serves. Meanwhile, the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> for cross-border payments is being developed elsewhere for the most part, according to a new report on the payments industry.\u00a0<\/p>\n<p>The Digital Money Institute (DMI), part of the Official Monetary and Financial Institutions Forum think tank, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.omfif.org\/wp-content\/uploads\/2022\/12\/Future-of-Payments-2022-1.pdf\">released<\/a> its third annual Future of Payments report on Dec. 8. The report was sponsored by several payments companies and crypto exchange Binance, and those companies penned sections that supplemented DMI&#8217;s findings. This was the first time it included a survey of central banks. <\/p>\n<p>The DMI staff found in its survey that CBDC development was \u201cgaining momentum,\u201d with two-thirds of central banks expecting to have CBDCs within a decade. Another 12% of central bank respondents said they did not expect to issue a CBDC at all. When asked about their objectives, more than a quarter of central banks mentioned preserving their roles in money provision and more than 10% mentioned financial inclusion. \u201cOther\u201d was indicated more often. <\/p>\n<p>None of the banks chose \u201caid cross-border payments\u201d as one of their objectives. Nonetheless, almost 35% of the banks saw interlinking CBDCs as the most promising way to improve those payments. When asked about stablecoins, nearly 90% of banks identified it as \u201can opportunity to make cross-border payments more efficient.\u201d<\/p>\n<p><strong><em>Related: Global think tank suggests blockchain in public finance can help reduce fraud<\/em><\/strong><\/p>\n<p>Fiat-based cross-border payment systems are developing rapidly. However, there are significant hurdles to achieving global reach, especially data exchange, as only around 70 countries have adopted the ISO20022 messaging standard. The DMI report assures that \u201cRegionally integrated payment networks offer an exciting prospect.\u201d Still, 80% of African cross-border transactions are processed off the continent. In <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>, payments are \u201cunlikely to be a \u2018winner-takes-all\u2019 kind of fight,&#8221; the report said. &#8220;The variety of payments systems will grow, creating competition and diversity in the marketplace.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Live?src=hash&amp;ref_src=twsrc%5Etfw\">#Live<\/a>: Sonja Davidovic, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BIS_org?ref_src=twsrc%5Etfw\">@BIS_org<\/a>: It\u2019s truly very difficult to determine what the impact of a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/CBDC?src=hash&amp;ref_src=twsrc%5Etfw\">#CBDC<\/a> on <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/financial?src=hash&amp;ref_src=twsrc%5Etfw\">#financial<\/a> stability might be. It\u2019s not an easy task to design these <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/technologies?src=hash&amp;ref_src=twsrc%5Etfw\">#technologies<\/a> properly to avoid adverse impacts. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/V0bbfnZZ3a\">https:\/\/t.co\/V0bbfnZZ3a<\/a><\/p>\n<p>\u2014 OMFIF (@OMFIF) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/OMFIF\/status\/1600867684060921856?ref_src=twsrc%5Etfw\">December 8, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Cryptocurrency and stablecoins are making their greatest strides in emerging economies, as they offer the advantages of disinter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tion (which enables faster settlement across time zones), cost savings and accessibility, but have the potential downsides of volatility and unreliability. In the authors\u2019 opinion:<\/p>\n<blockquote><p>\u201cVulnerable nations should invest in bringing down the cost of remittances and broadening access to financial services to reduce the exposure of vulnerable economic groups to volatile and unsafe cryptocurrency products.\u201d <\/p><\/blockquote>\n<p>Finally, the report looks at the metaverse from a payments perspective, calling it \u201cfirst and foremost, a model for a digital economy.\u201d Here, cross-platform interoperability is key and will likely require \u201cmajor changes to business models.\u201d In turn:<\/p>\n<blockquote><p>\u201cDeveloping the infrastructure to make metaverse payments stable, secure, interoperable and free from financial crime will have a huge impact on the broader payments landscape.\u201d <\/p><\/blockquote>\n<p>The report cites a Citi estimate that the Metaverse addressable market could reach $13 trillion.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/dmi-finds-cbdcs-not-targeting-cross-border-payments-huge-potential-in-metaverse\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; DMI finds CBDCs not targeting cross-border payments, huge potential in Metaverse &#8220; Central bank digital currency (CBDC) development aims squarely at inclusion, both for the central bank in the national economy and for the people it serves. Meanwhile, the technology for cross-border payments is being developed elsewhere for the most part, according to a&#8230;<\/p>\n","protected":false},"author":1,"featured_media":523644,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/256ee5e3-bb4e-4d45-b8b3-89bea3588988.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75046,75022,74863,91498,111891,74355],"class_list":["post-523643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cbdc","tag-central-bank","tag-cryptocurrencies","tag-metaverse","tag-money-transfers","tag-adoption"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/523643","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=523643"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/523643\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/523644"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=523643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=523643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=523643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}