BIS Innovation hub, central banks join forces to test CBDCs

KUALA LUMPUR: The Bank for International Settlements Innovation Hub (BIS), the Reserve Bank of Australia, Bank Negara Malaysia, Monetary Authority of Singapore and South African Reserve Bank will join forces to test the use of central bank digital currencies (CBDCs) for international settlements.

Known as "Project Dunbar”, the joint initiative is led by BIS’ Singapore centre with the aim of developing prototype shared platforms for cross-border transactions using multiple CBDCs.