Bank Negara joins digital currency initiative

According to Bank Negara assistant governor Fraziali Ismail, the multi-CBDC shared platform has the potential to leapfrog the legacy payment arrangements and serve as a foundation for a more efficient international settlement platform.

PETALING JAYA: Bank Negara will be testing the use of central bank digital currencies (CBDCs) for international settlements under a multi-national initiative codenamed Project Dunbar.

In a joint-statement yesterday, Bank Negara said it would join hands with the Bank for International Settlements (BIS) Innovation Hub, the Reserve Bank of Australia, Monetary Authority of Singapore and South African Reserve Bank for the initiative.

Monetary Auth Spore