Australia, Malaysia, Singapore and South Africa launch cenbank digital currency scheme
Central banks in Australia, Singapore, Malaysia and South Africa will conduct a cross border payments trial using different central bank digital currencies (CBDC) to assess if this allows transactions to be settled more cheaply and easily, the banks said on Thursday.
Most projects are still in the early stages and are domestically focused, but developing global rules and frameworks for how CBDCs can be used internationally is complicated technically, and potentially politically. read more
This latest project aims to develop prototype shared platforms for cross-border transactions using multiple CBDCs, said the statement from the Reserve Bank of Australia, Bank Negara Malaysia, the Monetary Authority of Singapore, the South African Reserve Bank, and the Bank of International Settlement’s Innovation Hub, which is leading the scheme.