Cross-border payments, however, remain slow and costly, especially for retail payments such as remittances.3 Recent stablecoin proposals aim to address such inefficiencies in an increasingly digital economy. In a similar manner, the Bank of Amsterdam was founded in 1609 to overcome inefficiencies in payments.
This collaboration by central bankers through bodies such as the Bank for International Settlements (BIS), the Financial Stability Board, the International Monetary Fund (IMF) and the World Bank has produced significant analysis in the fields of crypto-tokens, central-bank-issued digital currencies (CBDCs), artificial intelligence and distributed ledger technologies, to name a few.