In partnership with the central banks of Israel, Sweden, and Norway, the Bank for International Settlements (BIS) has finalized a project that explores the potential advantages and challenges of using central bank digital currencies (CBDC) in international payments.

The project, dubbed ‘the Icebreaker,’ aimed to observe the technical feasibility and prospective efficiency of cross-border and cross-currency transactions between experimental retail CBDC systems, as the BIS stated in the report published on March 6.

As per the report, the project involved the cooperation between the BIS Innovation Hub Nordic Center, Bank of Israel, Sveriges Riksbank, and Norges Bank, and it has allowed these organizations to understand the underlying technologies and related policies better, promoting scalability, interoperability, and simplicity.