The central banks of Malaysia, Australia, Singapore and South Africa are exploring the possibility of creating a single platform for transactions with central bank digital currencies (CBDCs) that can be used primarily for cross-border payments.
In addition, it has been reported that the platform will be able to process transactions simultaneously with several digital currencies of the central bank.
The project, which is backed by the BIS, has been dubbed Dunbar and it aims to create a system for processing transactions without intermediaries. The project participants want to make international settlements as simple and fast as domestic transfers of funds.
This project will reportedly form the basis for the formation of global and regional platforms for CBDCs.
The Bank for International Settlements (BIS) has been studying CBDCs for the past few years. According to the institution, the new financial system based on regulated tokens will be more secure, and the availability of banking services will increase.