The Bank for International Settlements (BIS) has announced that it will collaborate with the central banks of Israel, Norway, and Sweden to investigate international retail and remittance payment use cases for central bank digital currencies, or CBDCs. The BIS announced the collaboration, dubbed Project Icebreaker, on September 28. It will entail the bank’s Innovation Hub Nordic Centre testing core functionalities and the technological feasibility of interconnecting local CBDC systems. The central banks will create a new hub via which the Central Bank of Norway, Bank of Israel, and Sveriges Riksbank will be able to connect their proof-of-concept CBDC systems.