Project will test cross-border CBDC’s in Australia, Malaysia, Singapore and South Africa

The multi-CBDC platforms aim to allow a direct transaction between financial institutions eliminating intermediaries

The Bank of International Settlements (BIS) announced this Thursday (September 2) that central banks of Australia, Malaysia, Singapore and South Africa are currently working on prototype platforms to facilitate the cross-boarder central bank digital currencies (CBDCs). 

The initiative comes from Project Dunbar, which gathers the Reserve Bank of Australia, Bank Negara Malaysia, Monetary Authority of Singapore, and South African Reserve Bank in order to develop with BIS tests to use CBDCs for International Settlements. 

The official announcement stated:

“These multi-CBDC platforms will allow financial institutions to transact directly with each other in the digital currencies issued by participating central banks, eliminating the need for intermediaries and cutting the time and cost of transactions.”

Even though the Bank of International Settlements is yet cause of controversy (Federal Reserve Governor Christopher Waller referred to BIS as “a solution in search of a problem”), the steps that are being made seem interesting if successfully implemented, possibly opening even more doors to digital currencies in general.   

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Maluh Bastos (28)

Journalist, content writer and producer - and DJ in spare times - always looking to make some noise in the world. Crypto and blockchain writer, eager to learn more every day and hoping to contribute to Klever's mission to change people's lives through financial freedom.

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