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Malaysia joins a growing number of countries exploring the value of researching and developing central bank digital currencies (CBDCs).
Bank Negara Malaysia, the central bank of Malaysia, said Bloomberg On Jan. 17, while an exact decision on how to move forward with a CBDC has yet to be made, it has “enhanced our technical and policy capabilities through proof-of-concept and experimentation” with a focus on CBDC.
It also stated that the ostensible reason for the current research effort is to ensure that it is ready to launch a CBDC program “if a CBDC needs to be issued in the future.”
In 2021, Malaysia has partnered with South Africa, Australia and Southeast Asian neighbor Singapore to develop a proof-of-concept CBDC pilot called Project Dunbar, According to the joint announcement.
Project Dunbar leverages r3 and ConsenSys’ Corda and Quorum blockchain platforms, respectively, to demonstrate the various capabilities of blockchain-based cross-border remittances. Most notably, it aims to demonstrate how blockchain technology can “eliminate the need for intermediaries and reduce the time and cost of transactions.”
A growing number of countries are looking into how CBDC schemes could work within their jurisdictions.China is currently the largest country to implement a CBDC pilot project, known as the digital yuan, and the mobile app already has more than 20 million download From January 4, China plans to launch the project and allow entry of international tourists access A digital yuan with a passport during next month’s Beijing Winter Olympics.
related: CBDCs and stablecoins: Ernst & Young advises banks to ‘prepare for what’s to come’
Eastern Caribbean Central Bank (ECCB) Launches Its Finalized CBDC Known as “EC Dollars” March 2021. As of December 2021, Antigua is the last of the ECCB’s eight jurisdictions to not adopt the EC dollar.Nearby Jamaica also plans Launch a finalized CBDC The first quarter of 2022, following a successful pilot program that ended two weeks ago.
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