Key motivations for interoperability principles 4 It is vital to use interoperability principles as a roadmap for creating efficient, frictionless payment systems. The BIS published a set of foundational principles and core features for CBDCs. This report advanced the foundational international work by outlining common principles, key features and supporting infrastructure that is needed in order to contribute to central bank public policy objectives.66 In addition, for retail CBDCs specifically, the G7 issued principles intended to guide and inform the exploration and potential development of national retail CBDCs with respect to these wider public policy considerations.67 In both of these documents, there was an emphasis on ensuring interoperability.68 Building off the existing foundation and in alignment with addressing challenges identified by the G20 for cross-border payments, these principles dive deeply into the elements of interoperability and are intended to provide a baseline for considering interoperability in any current or future CBDC design. Although the decision to issue a CBDC and the final design choices are a sovereign concern, and there will be distinctions between CBDCs in each jurisdiction, there are several areas of alignment, as evidenced in the analysis above. With this in mind, the principles outlined below can serve as a baseline roadmap for building interoperable CBDCs. In order for CBDCs to be interoperable, it is key to consider these aspects at the early design stages and ensure that they are reflected throughout. With interoperability included from all angles, this will form a stronger future financial system by minimizing friction and enabling more efficient payment systems. CBDCs could also aide in upgrading and connecting payment systems – both domestically and across borders, with all the benefits of having interoperable systems. UNSGSA Queen Máxima, IMF – World Bank Annual Meetings Seminar on CBDCs and Financial Inclusion Central Bank Digital Currency Global Interoperability Principles 26
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