Australia, Singapore, Malaysia and South Africa launch joint CBDC pilot trial

4 countries’ central banks will trial CBDCs based cross border payment together.

When it comes to blockchain then one and most important thing that comes to light for government authorities is “central bank digital currency”. Most of the country’s central banks are working on the CBDCs development to bring a revolution in the payment system. Now in the present time, four different countries will test the CBDCs in collaboration with each other.

According to the reports, The central banks of Australia, Singapore, Malaysia and South Africa will work together on a prototype that will integrate the CBDCs to bring ease in the payment system in the cross border transactions. The main goal of the trial is to provide additional access in the payment system under the G20 agreement. And also it will join other CBDCs of other different countries.

The dubbed Project Dunbar prototype will work as a bridge to connect all the different countries’ CBDCs. This trial of this plan is aimed to bring revolution in the development of regional and global payment.

The Bank for International Settlements(BIS) will remain in the partnership with the project Dunbar. This partnership will involve many developer partners, which will make the whole protocol infrastructure able to integrate the CBDCs. 

The head of the BIS Innovation Hub Singapore Centre, Andre McCormack, said that 

“With this group of capable and passionate partners, we are confident that our work on multi-CBDCs for international settlements will break new ground in this next stage of CBDC experimentation and lay the foundation for global payments connectivity.”

It is expected that Project Dunbar demonstration based on the prototype of DLT platform will run in Singapore FinTech Festival in the second last month of this year.

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