{"id":564008,"date":"2023-03-15T17:20:00","date_gmt":"2023-03-15T14:20:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cbdcs-could-provide-smooth-cross-border-payments-tel-aviv-fintech-week\/"},"modified":"2023-03-15T17:20:00","modified_gmt":"2023-03-15T14:20:00","slug":"cbdcs-could-provide-smooth-cross-border-payments-tel-aviv-fintech-week","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cbdcs-could-provide-smooth-cross-border-payments-tel-aviv-fintech-week\/","title":{"rendered":"# CBDCs could provide smooth cross-border payments: Tel Aviv FinTech Week"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 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-6a27d1fe43fd7\" 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-6a27d1fe43fd7\" 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\/cbdcs-could-provide-smooth-cross-border-payments-tel-aviv-fintech-week\/#%E2%80%9D_CBDCs_could_provide_smooth_cross-border_payments_Tel_Aviv_FinTech_Week_%E2%80%9C\" >&#8221; CBDCs could provide smooth cross-border payments: Tel Aviv FinTech Week &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_CBDCs_could_provide_smooth_cross-border_payments_Tel_Aviv_FinTech_Week_%E2%80%9C\"><\/span>&#8221; CBDCs could provide smooth cross-border payments: Tel Aviv FinTech Week &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-48054ca8>At Tel Aviv FinTech Week 2023, Yoav Soffer, the advisor to the deputy governor at the Bank of Israel, touched on the topic of central bank digital currencies (CBDCs) as an efficient cross-border payment option.<\/p>\n<p>The talk comes after the Bank for International Settlements (BIS) concluded its research on international retail and remittance payments via CBDCs between the central banks of Israel, Norway and Sweden. The BIS <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bis.org\/about\/bisih\/topics\/cbdc\/icebreaker.htm\">project<\/a> is called \u201cProject Icebreaker.\u201d<\/p>\n<p>Soffer, who is also the project manager for the CBDC program for the Central Bank of Israel, said that while domestic payments in Israel have become \u201cvery easy, convenient and cheap,\u201d the same is not true for payments outside of the country.<\/p>\n<blockquote><p>\u201cCross-border payments are often perceived to face challenges of high costs, low speed, limited access and insufficient transparency according to the financial stability board.\u201d<\/p><\/blockquote>\n<p>Soffer touched on the result of an example transaction that took less than two minutes. Moreover, he stressed that this model would significantly reduce the costs of sending funds internationally and is \u201cmuch more competitive in terms of the foreign exchange transaction.&#8221;<\/p>\n<figure><img loading=\"lazy\" decoding=\"async\" width=\"1556\" height=\"995\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/2d62b24b-41a7-4ba4-b4cc-1d5294183776.jpg\"><figcaption style=\"text-align: center;\"><em>Yoav Soffer speaking at Tel Aviv FinTech Week 2023. Source: Cointelegraph<\/em><\/figcaption><\/figure>\n<p>He continued to say that the technological requirements for countries to join the model are very limited and once a prototype is built, onboarding should essentially be a domino effect.<\/p>\n<blockquote><p>\u201cOnce you build it for three countries, you could build it for 180 countries. Therefore, it&#8217;s also very scalable.\u201d<\/p><\/blockquote>\n<p>However, he did say that in employing such a program, ways to provide liquidity for CBDC providers would need to be considered, as well as the integration of policies. Soffer said privacy is another major consideration that the BIS team was aware of during the project.<strong> <\/strong><\/p>\n<p><strong><em><u>Related: <\/u><\/em><\/strong><strong><em>SWIFT moves to next phase of CBDC testing after positive results<\/em><\/strong><\/p>\n<p>Despite over a hundred countries looking into the possibilities of CBDCs, the sentiment around these centralized digital currencies is mixed. They have useful capabilities, such as efficient cross-border transactions, though some say they could threaten consumers\u2019 future.<\/p>\n<p>Former CFTC Chair Christopher Giancarlo recently stressed that CBDCs should protect privacy and not be a surveillance tool as many fear. A congressman in the United States, Tom Emmer, also commented that they could be \u2018easily weaponized\u2019 to spy on U.S. citizens.<\/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\/cbdcs-could-provide-smooth-cross-border-payments-tel-aviv-fintech-week\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; CBDCs could provide smooth cross-border payments: Tel Aviv FinTech Week &#8220; At Tel Aviv FinTech Week 2023, Yoav Soffer, the advisor to the deputy governor at the Bank of Israel, touched on the topic of central bank digital currencies (CBDCs) as an efficient cross-border payment option. The talk comes after the Bank for International&#8230;<\/p>\n","protected":false},"author":1,"featured_media":564009,"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\/2023-03\/d65bc5fd-6a7e-40f8-9d82-46f74fe5462c.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75046,75022,74355,117,2184,75723,70934,11719],"class_list":["post-564008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cbdc","tag-central-bank","tag-adoption","tag-business","tag-israel","tag-norway","tag-regulation","tag-sweden"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/564008","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=564008"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/564008\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/564009"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=564008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=564008"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=564008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}