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Central bank digital currencies can save $100bn a year: report

ASEAN stands to benefit the most, say J.P. Morgan and Oliver Wyman

Fees on cross-border money transfers are costing companies $120 billion a year. (Source photo by Reuters and Akira Kodaka)   © Reuters

TOKYO -- Setting up a cross-border payments network for central bank digital currencies can save companies nearly $100 billion a year in transaction costs, according to a report that J.P. Morgan and Oliver Wyman released on Wednesday.

The report highlights the potential positive impact of central bank digital currencies as central banks around the world explore their feasibility.

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