While the US debate over the CBDCs and their effects, the rest of the world are getting closer to releasing their own CBDCs.
The Bank of International Settlements (BIS) recently announced their multi-CBDC pilot program Project Dunbar. Led by the BIS Innovation Hub, this program will be the first-of-its-kind method to settle multi-currency international payments more securely and quickly. The announcement states:
“Project Dunbar explores how a common platform for multiple central bank digital currencies (multi-CBDCs) could enable cheaper, faster and safer cross-border payments.”
The Reserve Bank of Australia, Bank Negara Malaysia, the Monetary Authority of Singapore, and the South African Reserve Bank also announced that they will be participating in Project Dunbar to test if multi CBDCs are technically viable.
Expected benefits
Participating authorities expect to achieve the below results.
Reduced reliance on intermediaries. With the application of CBDCs, correspondent banks (banks
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