According to ChainCatcher, in order to improve traditional cross-border payments, the Bank for International Settlements announced the launch of Project Rialto. The project aims to enhance instant cross-border payments by combining modular foreign exchange components with central bank wholesale digital currency CBDC settlement. This initiative was initiated by the Bank for International Settlements Innovation Center and Singapore Center in cooperation with several central banks to solve the current high cost, slow speed and complexity of foreign exchange services.
