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Malaysia has become the latest to join the list of countries looking to explore the virtual currency space through a government-regulated CBDC project.Popularity continues to soar cryptocurrency Global financial regulators and governments have given serious consideration to a project that is the perfect link between cryptocurrencies and fiat currencies. Bank Negara Malaysia, Bank Negara Malaysia, is planning to explore the value of key research operations and develop CBDC projects for investment scrutiny.
According to the report Bloomberg Portal, Malaysian authorities have yet to make any firm decisions about their CBDC expedition.The premier banking institution has begun a detailed study CBDC project Focus on proof-of-concepts and experiments to effortlessly enhance technical and policy operations. The research initiative will pave the way for the launch of a CBDC token in the country if any requirements arise in the future. Pre-planned research will help the government prepare for future entry into the CBDC cluster.
In early 2021, Malaysia launched a proof-of-concept CBDC project with South Africa, Australia and Southeast Asian neighbor Singapore. The pilot product, called Project Dunbar, aims to facilitate blockchain-powered settlement of cross-border payments. The project uses powerful blockchain channels, r3’s Corda and ConsenSys’ Quorum to provide users with secure payment transfers. With this, regulators seek to demonstrate the potential of decentralized ledgers in removing the burden of intermediaries in traditional systems. CBDC projects aim to make payments more economical and time-efficient.
Financial regulators from around the world are actively working on creating a safe and secure CBDC program for their own people. China is undoubtedly the most prominent name on this list, as its central bank, the People’s Bank of China, is actively working on a digital yuan project.The pilot project carried out by the state has been quite successful, with more than 20 million people having Downloaded Mobile apps use the service from January 4th.Authorities are planning to launch the project and facilitate international tourists right to use Use digital currency through their passports at the upcoming Beijing Winter Olympics, scheduled for next month.
The Eastern Caribbean Central Bank launched a CBDC called EC Dollar for its people in March 2021. Additionally, Jamaica looks forward to presenting a CBDC project by the first quarter of 2022, following the success of the pilot program conducted two weeks ago. The use of CBDC is becoming more and more popular, so it is likely that more CBDC projects fully controlled and managed by the government will be launched in the near future to ensure investor protection.
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