By Tom Phillips[1] • • Updated • nfcw.com[2]
The Bank of International Settlements and the central banks of Australia[3], Malaysia[4] and Singapore[5] have completed a joint project to develop a shared platform that could facilitate direct cross-border transactions between institutions using different central bank digital currencies (CBDCs).
“Project Dunbar[6] proved that financial institutions could use CBDCs issued by participating central banks to transact directly with each other on a shared platform,” BIS says.
“This has the potential to reduce reliance on intermediaries and, correspondingly, the costs and time taken to process cross-border transactions.”
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