The Bank for International Settlements (BIS) continues investigating the development of the global central banking company digital currency (CBDC), publishing a new joint report with 7 central banks.

Released on Thursday, BIS' latest CBDC report refers to joint efforts with the Bank of Canada, the Banking company of England, the Bank of Nihon, the European Central Banking concern, the United states of america Federal Reserve, Sveriges Riksbank and the Swiss National Bank to explore a retail CBDC.

The study provides an executive summary of progress made by the investigation since the October 2022 publication of a report that pointed out the mutual foundational principles and core features of a CBDC. The BIS also published three detailed CBDC reports related to CBDC system pattern and interoperability, user needs, adoption and financial stability implications.

According to the new report, an constructive CBDC system would "demand to involve both public and individual actors to ensure interoperability and coexistence with the broader payment organization."

The central banks participating in the report agreed that any CBDC ecosystem would involve the public and private sectors in a balance to provide "desired policy consequence and enable innovation that meets users' evolving payment needs." The ability to bridge betwixt CBDCs and traditional payment systems would be crucial for the fiscal arrangement, the study stated:

"Yet a theme that cuts through almost every consideration is interoperability. Domestic interoperability would be key to ensuring a CBDC system coexists with other national payment systems and contributes to broader accessibility, resilience and diversity."

Related: Visa working on blockchain interoperability hub for crypto payments

The cardinal banking company grouping will keep to explore CBDC issues and plans to increase global and domestic outreach to maintain an open and informed dialogue on CBDC. "Collectively, nosotros are sharing insights from our piece of work with other central banks, including in developing economies," the banks noted.

The new joint central bank study comes amid payment behemothic Visa officially introducing its ain blockchain interoperability project on Th, aiming to bring a "universal adapter" connecting multiple cryptocurrencies, stablecoins and CBDCs. Previously, tech behemothic Microsoft won a blockchain patent describing a cross-chain system that allows individuals and organizations to create and manage tokens across multiple distributed ledger networks and platforms.