The Bank of International Settlements and the central banks of Australia, Malaysia and Singapore 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 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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