The Bank for International Settlements (BIS) has developed two prototypes for a shared platform that will allow for international settlements using digital currencies issued by multiple central banks. Code-named “Project Dunbar,” the platform is designed in a way to enable cross-border transactions using different currencies between financial institutions. The solution can potentially reduce the reliance on intermediaries, thereby minimizing costs as well as the time taken to process transactions. BIS collaborated with the Bank Negara Malaysia, Reserve Bank of Australia, the South African Reserve Bank, and the Monetary Authority of Singapore for the project. Established in 1930, the BIS is owned by 63 central banks, which represent nations that collectively make up about 95 percent of the world’s GDP. Its mission is to act as a bank for central banks. BIS also seeks to support the central banks’ pursuit of monetary and financial stability through international cooperation. In domestic payments, …
RSS Feed | The Epoch Times