JP Morgan issued “mCBDCs - Unlocking 120 billion value in cross-border payments“ which outlines the business case for a multi-currency central bank digital currency (mCBDC) network to address the pain points in the current cross-border payment system. Global corporates move $23.5 trillion across borders annually, incurring $120 billion in transaction costs due to inefficiencies in the correspondent banking network, such as high fees, long settlement times, and lack of transparency. The paper ...