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    BIS Innovation Hub, Central Banks of Four Countries to Test CBDC

    The Bank for International Settlements (BIS) Innovation Hub, Central Bank of Malaysia, Central Bank of Malaysia, Monetary Authority of Singapore and South African Reserve Bank will work together to test the use of the Bank for International Settlements’ digital currency (CBDC). settlement. Based in Switzerland, BIS is an international financial institution owned by the Central Bank.

    Project Dunbar, led by the Singapore Center of Innovation Hub, aims to develop a prototype sharing platform for cross-border transactions using multiple CBDCs.

    These multi-CBDC platforms will allow financial institutions to trade directly with each other in digital currencies issued by participating central banks, eliminating the need for intermediaries and reducing transaction time and costs, BIS presses. Described in the release.

    The project will work with multiple partners to develop technical prototypes on a variety of distributed ledger technology platforms. It will also consider different governance and operational designs that will allow central banks to share CBDC infrastructure and will benefit from collaboration between public and private sector experts in different jurisdictions and operational areas. ..

    Project Dunbar’s work explores the international aspects of CBDC design and supports the G20 roadmap efforts to enhance cross-border payments. The results will be announced in early 2022 and will inform the development of future platforms for global and regional reconciliation.

    A technology prototype of the shared platform, developed in collaboration with various technology partners, will be demonstrated at the Singapore FinTech Festival in November 2021.

    Fiber2Fashion News Desk (DS)

    The Bank for International Settlements (BIS) Innovation Hub, the Reserve Bank of Australia, the Bank of Negara Malaysia, the Monetary Authority of Singapore and the South African Reserve Bank will work together to test the use of the central bank’s digital currency for international payments. BIS is an international financial institution owned by a central bank.

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    BIS Innovation Hub, Central Banks of Four Countries to Test CBDC

    Source link BIS Innovation Hub, Central Banks of Four Countries to Test CBDC

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