Australia, Malaysia, Singapore and South Africa are launching digital currency programs

Central banks in Australia, Singapore, Malaysia and South Africa are launching cross-border payment schemes (CBDCs for central bank digital currencies) using central bank digital currencies, we learned in a press release on Thursday, September 2nd. Oversees this projectNovelty The Bank’s Center for International Settlements (PIS), an international financial institution.

As a reminder, unlike cryptocurrency, which is exchanged for saga outside a state system, a central bank digital currency is only a virtual representation of a fiat currency administered by the central bank.

Dedicated to financial institutions
In practice, the “Dunbar” project aims to create “shared site protocols for cross-border transactions” using a number of CBDCs, the partners explained in the press release. These sites will allow financial institutions to transact directly with each other, eliminating the need for intermediaries and reducing the time and cost of transactions.

The project, which is based on public-private partnership, explores various technical, administrative and operational designs to find the most appropriate protocols for user needs. The first results will be released in 2022 and will provide a first overview of the future collaborations of CBDCs globally. The technical feature will be presented at the Singapore FinTech Festival in November 2021.

Projects abound
Projects around public currencies are proliferating. In early May, they United States Announced the launch of five pilot projects around a CPTC. Funded Pronunciation And under the auspices of the Digital Dollar Foundation, these projects involve financial institutions, retailers and NGOs. A few months later, in June, Bank de France, its Swiss counterpart and PIS launched The “Jura” project. Its purpose is to facilitate the payment of “bulk” public money, i.e. beyond the limit dedicated to financial intermediaries.