Digital Currency is Unstoppable: Australia, Malaysia, Singapore and South Africa Conduct Experiments with CBDC Cross-border Payment


Translated by AlexZ

On September 2, the central banks of Australia, Singapore, Malaysia, and South Africa and the Bank for International Settlements stated that they would conduct cross-border payment trials using their different Central Bank Digital Currencies (CBDCs) to assess whether this can reduce transaction settlement costs and improve convenience.

This recent project aims to develop a prototype for a shared platform for international transactions using multiple CBDCs. These platforms will enable financial institutions to conduct transactions directly with the CBDC, which can eliminate the need for intermediaries and reduce the time and cost of transactions. This experiment will also explore the various technologies, governance, and operation chain design required for virtual currency operations. Results of these trials are expected to be made public in early 2022.

Proofread: Hetangyuese; Posted by Hetangyuese