Banks fans of MNBC? BRI embraces blockchain and innovation

BRI ready to break the ice – Literally. We have been hearing for several years now about these famous central bank digital currencies called MNBC. A somewhat hazy financial nebula, it must be said, but which is gradually taking on the features of a very concrete reality. In this context, the icebreaker project see the day. All the details.


The BRI looks at international exchanges via MNBCs

icebreaker “. No, that’s not the title of Marvel’s latest movie. But the new project of the BIS, bank for international settlements, around MNBCs. A new cross-border payment system, simple and direct, with reduced costs. And it is ultimately the official objective behind these MNBCs which are greatly inspired, it must be said, by the blockchain technology emerged under the impetus of Bitcoin. In all countries in the world, or almost, the development of these new currencies is at work. It is still necessary, in such an open world constantly traversed by innumerable international transactions, to make these MNBCs communicate with each other.

Based in Basel, the BIS, the bank of central banks, is responsible for bringing together banks around the world and managing their foreign currency reserves. Driven by sound innovation hub, it is therefore now looking at these digital currencies and their ability to facilitate banking exchanges in the near future. For this, it works in particular with the central banks of Israel, Norway and Sweden. The name of the project in question? Icebreaker.

The BIS launches its project of international monetary transactions based on MNBC.
BRI unveils its new innovation hub for the development of MNBCs: Icebreaker

“While domestic payments have become [au fil du temps] cheaper, safer and more efficient payments between currencies [étatiques] are always associated with high fees, slowness and risk. When exploring MNBCs, it is important to include cross-currency conversion issues from the outset. »

Aino Bunge, Vice Governor of the Bank of Sweden Sveriges Riksbank

Thus the Icebreaker project has a double objective according to the words of cecilia skingsley, at the head of the innovation hub of the BRI. Give the possibility to the central banks of each country to keep almost total control on their currency, of course. But also easily allow it to be used as international means of payment. A conversion set which at present, as explained, remains in practice very complex and expensive.

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Crypto against MNBC, the beginnings of a long-term battle

Via MNBCs, the ultimate goal is to drastically reduce the costs, risks and transaction times between banks. The Icebreaker hub would then act as an intermediary between currency providers in each country. This is to choose the least expensive conversion path.

“Each currency issuer will provide their buy and sell rates to the Icebreaker Hub. The latter will be responsible for maintaining a live database of submitted exchange rates and returning the best available rate along with the identity of the supplier. »

A banking revolution in the making resulting neither more nor less from blockchain technology. An already existing technology that the banks could very well take over as it is without rebuilding everything, but there is a catch. And a big one. Central banks currently have no control over it. Indeed, a major part of these blockchains are built on a desire for decentralization. Bitcoin in the lead. And that, in the mind of a central bank, is not possible.

Although relying on blockchain technology, MNBCs do not have it in mind. This spirit of freedom according to which each individual would be entitled to hold his own money and to spend it as he sees fit. A spirit of benevolence in which the value of our work would not be diluted over time.

Of that, the central banks do not want it. They will fight to maintain total control over the currency, and therefore over the population. People who are directly affected by the blind and unconscious monetary policies of these unscrupulous financiers through, for example, at random, galloping inflation. Frightened by this new monetary proposition that is emerging with Bitcoin, central banks are therefore embarking on a whole new race, that of the making of a sizeable adversary, the MNBCs.

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