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Currencies

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.

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