Round-Up of CBDC News

Cross Border CBDC Projects Underway

Project Dunbar involves the central banks of Malaysia, Singapore, South Africa and Australia. The project, initiated by the Bank for International Settlements (BIS), is to test the use of CBDCs for international settlement.

Dunbar involves the development of a prototype shared platform for cross-border transactions that will be able to handle the different CBDCs created by the participants, irrespective of their underlying technologies, operating models and governance. If it works, the goal is to eliminate the need for intermediaries required today, saving both time and money.

The project is working to tight timelines since it aims to demonstrate the technical prototypes at the Singapore FinTech Festival in November 2021.

The BIS is running a separate project also looking at cross border payments with the central banks of China, Hong Kong, Thailand and the UAE.