BNM has partnered with several other entities to successfully develop two prototypes for a common platform that allow international settlements using multiple central digital bank currencies (mCBDC).
Bank Negara Malaysia (BNM), together with the Bank for International Settlements (BIS) Innovation Hub, the Reserve Bank of Australia, the Monetary Authority of Singapore, and the South African Reserve Bank have developed the prototypes for a common platform that enable international settlements using multiple central bank digital currencies (mCBDCs).
KUALA LUMPUR: Bank Negara Malaysia (BNM) along with three other central banks and The Bank for International Settlements (BIS) Innovation Hub, has completed prototypes for a common platform enabling international settlements using multiple central bank digital currencies (mCBDCs).
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<li><span>Project Dunbar developed two prototypes for a shared platform that could enable international settlements using digital currencies issued by multiple central banks.</span></li>
<li><span>The platform was designed to facilitate direct cross-border transactions between financial institutions in different currencies, with the potential to cut costs and increase speed. </span></li>
<li><span>The project identified challenges of implementing a multi-CBDC platform shared across central banks and proposes practical design solutions to address them. </span></li>
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