Share this article
BTC
$104,962.29
-
0.99%ETH
$2,627.73
+
0.73%USDT
$1.0000
-
0.04%XRP
$2.2300
-
1.29%BNB
$667.73
+
0.63%SOL
$155.62
-
2.73%USDC
$0.9994
-
0.02%DOGE
$0.1906
-
2.45%TRX
$0.2736
+
0.92%ADA
$0.6772
-
1.25%HYPE
$36.32
-
0.86%SUI
$3.2053
-
2.40%LINK
$13.97
-
1.88%AVAX
$20.82
-
2.67%XLM
$0.2685
-
2.30%LEO
$8.9118
+
1.53%BCH
$407.65
+
0.70%TON
$3.1749
-
0.79%SHIB
$0.0₄1298
-
1.45%HBAR
$0.1687
-
2.76%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Cross-Border CBDC Payments Are 'Viable,' Says Report From Central Banks of Australia, Malaysia, Singapore and South Africa
The four central banks are working on a project that will develop and test shared platforms for international settlements with multiple CBDCs.
Cross-border payments using digital currencies might be coming closer to reality as central banks in Australia, South Africa, Singapore and Malaysia said in a report Tuesday their prototype platform for settling state-backed virtual assets was "technically viable."
- “Project Dunbar” is seeking to cut out financial intermediaries and reduce time and cost when paying overseas – making settlement as easy as domestic transactions.
- The prototype, kicked off in September, is still stuck on questions of regulation and governance as well as who should be given direct access to the platform.
- The plans would mean commercial banks can pay each other directly in another country’s virtual currency.
- It’s the latest in a series of projects convened by the Bank for International Settlements, which has also explored using tokenized assets for securities trading in Switzerland, and environmentally friendly green bonds in Hong Kong.
- Head of the BIS Singapore Innovation Hub Andrew McCormack said in a media statement the project was “laying the foundation for the development of future global and regional platforms.”
Read more: Australia, Malaysia, Singapore, South Africa to Trial CBDCs for Cross-Border Payments
STORY CONTINUES BELOW
Jack Schickler
Jack Schickler was a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He previously wrote about financial regulation for news site MLex, before which he was a speechwriter and policy analyst at the European Commission and the U.K. Treasury. He doesn’t own any crypto.
Top Stories
