• September 03, 2021
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BIS Innovation Hub and central banks test CBDCs for international settlements

The Bank for International Settlements (BIS) Innovation Hub, the Reserve Bank of Australia, Bank Negara Malaysia, Monetary Authority of Singapore and South African Reserve Bank will work together to test the use of central bank digital currencies (CBDCs) for international settlements. Led by the Innovation Hub’s Singapore Centre, Project Dunbar will develop prototype shared platforms for cross-border transactions using multiple CBDCs. 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.

News source: Monetary Authority of Singapore