Central bank digital currencies will lower remittance costs, Moody’s says – The National

Central bank digital currencies will lower remittance costs, Moody’s says – The National

Central bank digital currencies (CBDCs) will likely lower costs for individuals sending remittances and reduce settlement and counterparty risks for banks in cross-border transactions, a report by Moody’s Investors Service has said.

The unravelling of the crypto market and the tumbling value of cryptocurrencies has strengthened arguments in favour of more stable digital assets, such as CBDCs, the rating agency said.

CBDCs are the digital form of a country’s money issued by its central bank.