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BIS Successfully Completes Retail CBDC Pilot Called Project Icebreaker

The Bank for International Settlements (BIS) has successfully completed a pilot retail central bank digital currency (CBDC) pilot called Project Icebreaker, according to a March 6 press release.

The BIS Innovation Hub Nordic Centre conducted the project in collaboration with the central banks of Israel, Norway, and Sweden.

The regulator said unlike domestic payments — which are now extremely cheap and efficient — cross-border payments remain expensive and slow. Project Icebreaker’s goal was to determine the efficacy of using CBDCs for cross-border payments.

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