The Bank of Canada and the Monetary Authority of Singapore (MAS) have successfully completed cross-border and cross-currency payments using central bank digital currencies, the first such trial between two central banks. Following this success, they have jointly published a report that proposes different design options for cross-border settlement systems. Titled “Jasper-Ubin Design Paper: Enabling Cross-Border High Value Transfer Using Distributed Ledger Technologies”, the report describes the technical implementation of HTLC and highlights possible limitations and challenges with the implementation model.

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