Australia, South Africa, Singapore and Malaysia may launch a platform for CBDC

Australia, South Africa, Singapore and Malaysia may launch a platform for CBDC

Central banks in Malaysia, Australia, Singapore and South Africa are considering options for creating a single platform for regulated token transactions (CBDC). It could be used primarily for cross-border payments.

The platform will be able to process transactions simultaneously with several CBDC digital currencies.

The project to form the platform is called Dunbar. Its goal is to create a system to process transactions without intermediaries.

Project participants want to make international settlements as simple and fast as internal fund transfers. The Bank for International Settlements (BIS) supports Dunbar.

According to Andrew McCormack, who heads the BIS Innovation Centre in Singapore, the project will form the basis for global and regional platforms for CBDC.

The Bank for International Settlements has been studying CBDC for the past few years. In his view, the new regulated token-based financial system will be more secure and banking services will become more accessible.

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Written by Renat
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