Central Bank Digital Currencies (CBDCs)
Developing and using CBDCs to make transactions more reliable, flexible, and safer.
Build an open, trusted and enduring digital economy with CBDCs
24 central banks are set to have CBDCs by 2030, with the promise that they will promote a more efficient, safer and inclusive financial system. CBDCs can enhance and simplify cross-border payments, interbank payments and securities settlement.
Programmability
Improve financial inclusion and the issuance of money by leveraging smart contracts and tokenization. Programmable central bank money could interoperate with tokenized commercial bank money and assets on a single platform to enable transactions and contracts in real time.
Minting
Issue highly secure CBDC tokens that are interoperable and capable of integrating with existing systems.
Smart contracts
Monitor money supply in real time and leverage network data to make predictive decisions and verify that the token is being used correctly.
Wholesale payments
A wholesale CBDC can serve as a risk-free settlement cash asset in high-value payments systems and on digital financial markets infrastructures. It can automate processes with smart contract capabilities and direct transit between commercial banks without intermediaries, transforming the settlement systems for financial transactions and making them more efficient and secure.
Retail payments
A general purpose CBDC for retail applications enables person-to-person transfers with instantaneous settlement. They are particularly valuable for emerging economies as they broaden access to financial services.
Cross-border payments
Settling cross-border payments using CBDCs can avoid delays and costs associated with them being processed through a correspondent banking network. It supports economic growth, international trade, global development and financial inclusion.
Offline payments
A token-based CBDC or stablecoin can be designed for use in areas with limited internet access to allow people to access a medium of exchange and basic financial services regardless of geolocation.
CBDCs transform the future of liquidity
Public and private sector collaboration in action
Projects powered by Corda, the leading permissioned, interoperable DLT platform for regulated entities, prove that CBDCs can change the way liquidity is managed, enable faster cross-border payments and facilitate instant international settlement.
Project Aber
The Saudi Central Bank and Central Bank of the U.A.E. facilitated a digital currency project which involved six participating commercial banks in two countries and a single dual-issued digital currency as an instrument of domestic and cross-border settlement. The project also included an evaluation of Corda and confirmed that that a cross-border single regional currency was technically viable, and that DLT can provide central banks with the ability to deliver both domestic and cross-border payment systems.
Project Leonidas
R3, together with ABI Lab (the Research and Innovation centre for Banks), ABI (Italian Banking Association) and NTT Data Italia, were selected by the Bank of Italy and its Innovation Hub to explore and develop wholesale Central Bank Digital Currency (CBDC) capabilities within the Spunta Banca DLT solution, a critical infrastructure of Italy’s financial ecosystem.
CBUAE’s Financial Infrastructure Transformation Programme
The Central Bank of the UAE (CBUAE) has launched its Central Bank Digital Currency (CBDC) Implementation Strategy in collaboration with R3, G42 Cloud and Clifford Chance. For Phase 1, R3 and G42 Cloud have been selected as the technology and infrastructure providers of the initiative respectively, while Clifford Chance will provide critical legal oversight for the strategy.
Project Icebreaker
BIS Innovation Hub Nordic Centre, Bank of Israel, Norges Bank and Sveriges Riksbank recently completed Project Icebreaker using Corda. The Project tested the technical feasibility of conducting cross-border and cross-currency transactions between different experimental retail CBDC systems.
Project Helvetia
BIS Innovation Hub, SIX and Swiss National Bank completed Phases 1-3 of Project Helvetia, which used Corda to demonstrate that tokenized assets can be settled in wholesale CBDC.
Project Dunbar
Brings together the Reserve Bank of Australia, Bank Negara Malaysia, Monetary Authority of Singapore, and South African Reserve Bank with the Bank for International Settlements Innovation Hub to test the use of CBDCs for international settlements.
e-Krona Project
R3 partnered with Riksbank, the central bank of Sweden, piloting their initiative on Corda to determine whether it is possible to issue a digital complement to cash called e-Krona.
Digital Tenge Pilot
The National Bank of the Republic of Kazakhstan, in conjunction with R3 and Accenture, explored the capability and impact of Retail CBDC as a third form of central bank money, alongside cash and central bank reserves.
Project Khokha
South African Reserve Bank explored the capability of interbank settlement with wholesale CBDC.
Project Inthanon
R3 participated in Phase 1 and 2 of Project Inthanon with Bank of Thailand to address decentralized netting, bonds, intra-day repos, FX price discovery, as well as cross-border.
Project LionRock
R3 participated in Phase 1 and 2 of Project LionRock with Hong Kong Monetary Authority focused on domestic and cross-border payments and DvP.
Project Ubin
R3 participated in five phases of Project Ubin with Monetary Authority of Singapore focused on cross-border payments, PvP, DvP and faster settlement.
Project Jasper
R3 participated in Project Jasper with Bank of Canada in three consecutive phases to address domestic and cross-border payments, PvP and DvP.
“With the great success of Jura, the wholesale CBDC experiment programme launched by the Banque de France in 2020 is now completed. Jura demonstrates how wholesale CBDC can optimise cross‐currency and cross‐border settlements, which are a key facet of international transactions.
Sylvie Goulard
Deputy Governor, Banque de France
“We used Corda by R3 as our enterprise layer to bring CBDC-compatible deposit token infrastructure for borderless payments, complementing the UAE as they lead the charge on digital transformation.
Bradley Allgood
CEO, Fluent Finance
Resource corner
Facilitating Cross-Network CBDC Interoperability
DvP Using CBDC
R3 Digital Currency Summit: How can CBDCs be made interoperable
CBDC and Interoperability: Your Questions Answered
The Future of Financial Liquidity: CBDCs and Automated Market-Making
Project Rosalind: building API prototypes for retail CBDC ecosystem innovation
Three Design Choices For a Central Bank Digital Currencies
Bank of Japan’s “CBDC Forum” holds its first meeting
The Digital Dollar Project
Facilitating Cross Network CBDC Interoperability with Banque de France, Swiss National Bank and SIX
China’s Three Lessons About Driving CBDC Adoption
Public Engagement with CBDCs
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