The Bank for International Settlements (BIS) Innovation Hub partnered with central banks in Australia, Malaysia, Singapore and South Africa to create two prototypes for an international settlement platform using multiple central bank digital currencies (CBDCs).
„This initial phase of the project successfully developed working prototypes and demonstrated practicable solutions, achieving its aim of proving that the concept of multi-CBDCs was technically viable,” the executive summary of the project report states.
The collaboration, called Project Dunbar, focuses on how a shared platform incorporating several CBDCs could help make cross-border payments „cheaper, faster and safer” as described in that report.
“Led by the Innovation Hub’s Singapore Centre, Project Dunbar proved that financial institutions could use CBDCs issued by participating central banks to transact directly with each other on a shared platform,” BIS said in a March 22 announcement about the project. “This ha
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