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Australia, Malaysia, Singapore and South Africa launch digital currency scheme

The Central Banks of Australia, Singapore, Malaysia and South Africa will conduct a cross border payments trial using different central bank digital currencies (CBDC) in a trial to investigate whether this will allow transactions to be settled more cheaply and easily.

Many governments and central banks around the world are exploring the use of CBDCs, which are digital forms of existing currencies. Some, like China, are trialing retail-focused CBDCs designed to replicate cash in circulation, while others are considering using so-called wholesale CBDCs to improve the internal workings of their financial systems.

This latest project aims to develop prototype shared platforms for cross-border transactions using multiple CBDCs, said the statement from the Reserve Bank of Australia, Bank Negara Malaysia, the Monetary Authority of Singapore, the South African Reserve Bank, and the Bank of International Settlement's Innovation Hub, which is leading the scheme.

Source: reuters.com


Photo source: Dreamstime.com


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