Moving money between countries

Led by the Bank for International Settlements with seven central banks including the Bank of England, Bank of Japan and Federal Reserve Bank of New York. It combines tokenised bank deposits with tokenised central bank reserves on one platform. Forty-one financial firms were selected to take part, and user testing began in 2026. It keeps the correspondent banking system in place.

A shared multi-CBDC platform linking central banks in China, Hong Kong, Thailand, the UAE and Saudi Arabia. It reached minimum viable product in 2024. The BIS withdrew in late 2024, leaving China in effective control, amid commentary that it could bypass sanctions-enforcing banking channels.