Central banks trial the use of blockchain for cross-border payments

The Bank of Canada and Monetary Authority of Singapore (MAS) have announced they have carried out digital currency transfers using blockchain technology.

“The world of cross-border payments is complicated and expensive. Our exploratory journey into the use of DLT to try to reduce some of the costs and improve traceability [] has yielded many lessons,” said Scott Hendry, Bank of Canada Senior Special Director, Financial Technology.

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