As the latest news on cryptocurrencies informs, the central banks of Singapore, Malaysia, Australia, and South Africa are working on a joint project to test the efficiency of cross-border payments in central bank digital currencies (CBDC).
The initiative aims at developing shared digital platforms for cross-border settlements, which will be carried out in CBDC of several countries. The test platforms will allow financial instructions to conduct international transfers directly in each other’s digital currencies, issued by the central banks. The experts state that this innovation is going to significantly cut the cost and time of transactions, as well as eliminate the need for intermediaries.
The project will be presented in 2022
The authorities of all four countries are currently working with the Innovation Hub of the Bank of International Settlements (BIS) and plan to disclose the results of an experiment at the beginning of 2022. However, the prototype payment platforms will be presented in November this year during the Singapore FinTech Festival.
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