Malaysia working on CBDCs more closely with other three countries

The Central Bank of Malaysia is doing its research and development on the Central Bank Digital Currency (CBDCs) more actively. 

In the present time, the majority of the dominant Central Bank is participating in the research and development to adopt the blockchain technology with the help of the introduction of Central Bank Digital Currency (CBDCs) in the traditional payment system. 

In 2021, Malaysia’s Central Bank did a collaboration with South Africa, Australia, and Southeast Asian neighbour Singapore to work on the creation of CBDCs based on Proof-of-stake Consensus. 

On 17 January, a report of Bloomberg confirmed that Malaysia’s central bank, Bank Negara Malaysia, is not sure how to move forward to adopt CBDCs but the Bank is working actively on the CBDCs development and also it is researching the development of better policies to bring in use. 

“via proof-of-concept and experimentation to enhance our technical and policy capabilities.”

Reports ensured that Malaysia wants to ensure everything from every aspect that it can easily pilot its CBDCs in the future, that is why it is researching its best. 

In collaboration with South Africa, Australia, and Southeast Asian neighbour Singapore,   the Central Bank of Malaysia is using Project Dunbar to utilize the Corda and Quorum blockchain platforms from r3 and ConsenSys respectively. Reportedly, researchers are pointing out all the capabilities with this Proof-of-stake-based CBDCs to facilitate cross-border transactions easily in real-time speed.

Countries are feeling fear to launch CBDCs 

Right now China is at the top in Central Bank Digital Currency (CBDCs) adoption with its Digital Yuan. However, the launch of Chinese CBDCs is still in the initial trial phase. 

Reportedly, the Chinese government is collaborating with many payment services to bring the public rollout of Chinese CBDCs successful. 

Besides this, Nigerian also launched its e-Naira (Nigerian CBDCs) but still, reports are claiming that Nigerian Central Bank is in fear of not getting success. However, the initial phase of the rollout of Nigerian CBDCs has been starting, but it will be a matter of time before Nigerian citizens will be able to use CBDCs.

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