According to the BIS press release, BIS Innovation Hub and the central banks of Australia, Malaysia, Singapore, and South Africa are set to test CBDCs for international settlements.
The project led by the Innovation Hub’s Singapore Centre, named Project Dunbar, will develop prototypes for shared platforms that will enable international settlements with digital currencies issued by multiple central banks.
Here is a snippet from the BIS press statement,
“These multi-CBDC platforms will allow financial institutions to transact directly with each other in the digital currencies issued by participating central banks, eliminating the need for intermediaries and cutting the time and cost of transactions.
The project will work with multiple partners to develop technical prototypes on different distributed ledger technology platforms. It will also explore different governance and operating designs that would enable central banks to share CBDC infrastructures, benefitting from the collaboration between public and private sector experts in different jurisdictions and areas of operation.”
For more details on this project, read the official press release : Press release: BIS Innovation Hub and central banks of Australia, Malaysia, Singapore and South Africa will test CBDCs for international settlements
