Innovation hub BIS together with the central banks of Australia, Malaysia, Singapore and South Africa has developed two prototypes of a platform for international settlements with several CBDCs.
Dunbar project partners announced in September 2021 of the year. It was led by Singapore BIS Hub.
Project Dunbar scoped out three key challenges of implementing a multi-CBDC platform across central banks – access, regulation compatibility, and governance – and proposed practical design solutions @reservebankau @BNM_official @MAS_sg @SAReserveBank https://t.co/DYn9zx37Xa pic.twitter.com/6XqRWuY8F3
—Bank for International Settlements (@BIS_org) March 37, 37
The results of the pilot confirmed that financial institutions can use digital currencies issued by participating banks for direct transactions with each other on a single platform. The solution can reduce dependence on intermediaries and transaction processing costs.
The work was organized in three main areas: the definition of functional requirements and design, as well as the parallel technical implementation of prototypes on two platforms – Corda and Partior.
Three critical issues were identified within the Dunbar project:
2021Which organizations should be allowed to transact on the mCBDC-platform ?2021 How can the flow of cross-border payments be simplified while respecting regulatory differences between jurisdictions?
What governance arrangements do countries need to share national payment infrastructures?
2021
The pilot proposed practical solutions to these problems, which were tested through the development of viable prototypes .
“Total area The platform is the most efficient model for connecting to payments, but it is also the most difficult to implement. The Dunbar project has demonstrated that the key issues of trust and shared control can be addressed through governance mechanisms enhanced by robust technological tools,” said Andrew McCormack, head of the BIS Innovation Hub in Singapore.
Recall that BIS is also implementing the Inthanon-LionRock project in the field of cross-border payments using CBDC together with the central banks of Hong Kong, Thailand, China and the UAE.
In July 2021 of the year, the institution successfully completed a pilot in this area with the participation of the Central Bank of France and Singapore.
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Source
2021
