The report published by the central banks of Australia, South Africa, Singapore and Malaysia announced that digital central bank currencies (CBDC) can be used for cross-border payments.
On March 22, Bank of International Settlement (BIS) Innovation Center shared on its official website.Australia, Malaysia, Singapore and South Africa announced that they have completed an experimental CBDC pilot with central banks.
The CBDC project, which covers many countries, called the “Dunbar Project”, is a link between the central banks of the countries.Facilitate payment between financial companies using multiple currencies was developed for the purpose.
The first experimental CBDC implementation of the Dunbar Project, announced in September 2021 It is said to be successful. In this way, central banks can use a common platform for payment transactions between them. direct transactions can realize.
Andrew McCormack, Head of the BIS Innovation Center, made a statement on the subject:
Dunbar Project; demonstrated that it is possible to produce an application that can be controlled jointly, built on trust, and handled with technological tools and a governance mechanism.
said.
BIS innovation center before this project For countries like Switzerland and France had conducted international remittance trials with the digital euro. According to some commentators, this project May increase CBDC adoption in G-20 countries.