The Bank for International Settlements worked with central banks in Australia, Malaysia, Singapore and South Africa to create CBDC settlement prototypes.
The Bank for International Settlements Innovation Hub partnered with central banks in Australia, Malaysia, Singapore and South Africa to create two prototypes for an international settlement platform using multiple central bank digital currencies .
“Led by the Innovation Hub's Singapore Centre, 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 said in a March 22 announcement about the project. “This has the potential to reduce reliance on intermediaries and, correspondingly, the costs and time taken to process cross-border transactions.