Australia, Singapore, Malaysia and South Africa test cross -border digital currency payments - Bitcoin News

Veröffentlicht:

Von:

The central banks of Australia, Singapore, Malaysia and the Republic of South Africa have set out to test the use of state digital currencies for cross -border payments. The process directed by the bank for international payment compensation is intended to find out whether they can simplify transactions and make it cheaper.

Reserve Bank of Australia cooperates with counterparts in the Asian-Pacific area, Africa at the CBDC project

While a number of nations still their digital central bank currencies ( cbdcs ) some of domestic experiments prepare for international experiments. The Reserve Bank of Australia, Bank Negara Malaysia, the Monetary Authority of Singapore and the South African Reserve have come together to carry out cross -border processes.

The cooperation aims to develop common platforms for cross -border transactions with various CBDCs, according to a statement cited by Reuters. The program is directed by the Bank for International Payment Compensation (BIZ). Fraciali Ismail, deputy governor of Bank Negara Malaysia, was cited with the words:

The common multi-CBDC platform ... has the potential to skip the old payment agreements and serve as the basis for a more efficient international settlement platform.

The prototype platforms should enable financial institutions to deal directly with each other via the sovereign digital currencies, the report explains. This approach would enable them to eliminate the need for intermediaries. Transaction times and costs are also expected to decrease. The participants will explore various designs in terms of technology, governance and operation.

This is not the first experiment of this kind. Bis-Innovation center leads another project with central banks from China, Hong Kong, Thailand and the Arab Emirates. In June the Bank of France and the Swiss National Bank announced with a collaboration with the hub to test the use of digital wholesale currencies for cross -border bills. In July the IMF, the World Bank and the BIZ Dassae at CBDCS work together to improve cross -border payments.

At the beginning of this year, the tax authorities in Hong Kong a second Test round for the national digital currency, published by the People’s Bank of China, which has the most advanced CBDC project. The Chinese special administrative zone announced that it will connect its domestic payment system to that of the mainland Network to evaluate the usability of the currency in cross -border scenarios.

Do you believe that the digital currencies of the central banks will challenge the current international payment system? Share your thoughts on this topic in the comments below.

Bedy verification : Shutterstock, Pixabay, Wiki Commons