BIS and central banks to test CBDCs across borders
The Bank for International Settlements (BIS) Innovation Hub, the Reserve Bank of Australia, the Bank Negara Malaysia, the Monetary Authority of Singapore, and the South African Reserve Bank have announced that they will be collaborating to test the use of central bank digital currencies (CBDCs) for international settlements. The new Project Dunbar aims to develop prototype shared platforms for cross-border transactions using multiple CBDCs from different banks, allowing financial institutions to transact directly with each other and cutting the time and costs involved. It seeks to inform future efforts to develop global and regional platforms, and to support the G20 roadmap for enhancing cross-border payments.
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