{"id":59075,"date":"2022-03-22T16:32:41","date_gmt":"2022-03-22T14:32:41","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=59075"},"modified":"2025-09-04T20:01:39","modified_gmt":"2025-09-04T17:01:39","slug":"four-central-banks-complete-pilot-of-cbdc-use-in-cross-border-settlements","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/four-central-banks-complete-pilot-of-cbdc-use-in-cross-border-settlements\/","title":{"rendered":"Four central banks complete pilot of CBDC use in cross-border settlements"},"content":{"rendered":"<p>The <span data-descr=\"Bank for International Settlements\" class=\"old_tooltip\">BIS<\/span> Innovation Hub, together with the central banks of Australia, Malaysia, Singapore and South Africa, has developed two prototypes of a platform for cross-border payments using multiple CBDCs.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Project Dunbar scoped out three key challenges of implementing a multi-CBDC platform across central banks \u2013 access, regulation compatibility, and governance \u2013 and proposed practical design solutions <a href=\"https:\/\/twitter.com\/reservebankau?ref_src=twsrc%5Etfw\">@reservebankau<\/a> <a href=\"https:\/\/twitter.com\/BNM_official?ref_src=twsrc%5Etfw\">@BNM_official<\/a> <a href=\"https:\/\/twitter.com\/MAS_sg?ref_src=twsrc%5Etfw\">@MAS_sg<\/a> <a href=\"https:\/\/twitter.com\/SAReserveBank?ref_src=twsrc%5Etfw\">@SAReserveBank<\/a> <a href=\"https:\/\/t.co\/DYn9zx37Xa\">https:\/\/t.co\/DYn9zx37Xa<\/a> <a href=\"https:\/\/t.co\/6XqRWuY8F3\">pic.twitter.com\/6XqRWuY8F3<\/a><\/p>\n<p>\u2014 Bank for International Settlements (@BIS_org) <a href=\"https:\/\/twitter.com\/BIS_org\/status\/1506161255605850120?ref_src=twsrc%5Etfw\">March 22, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The Dunbar project was announced in <a href=\"https:\/\/forklog.com\/en\/news\/four-central-banks-will-test-cross-border-cbdc-settlements\">September 2021<\/a> by its partners. It was led by the BIS Innovation Hub&#8217;s Singapore unit.<\/p>\n<p>The pilot results confirmed that financial institutions can use the digital currencies issued by participating banks for direct transactions with each other on a single platform.<\/p>\n<p>The work was organised along three main strands: defining functional requirements and design, and parallel technical implementation of prototypes on two platforms \u2014 Corda and Partior.<\/p>\n<p>Three key questions were identified within the Dunbar project:<\/p>\n<ul class=\"wp-block-list\">\n<li>Which entities should be allowed to operate on the <span data-descr=\"multi-CBDC\" class=\"old_tooltip\">mCBDC<\/span> platform?<\/li>\n<li>How can the cross-border payments flows be simplified while respecting regulatory differences across jurisdictions?<\/li>\n<li>What governance mechanisms are needed for countries to share their national payment infrastructures?<\/li>\n<\/ul>\n<p>In the pilot, practical solutions to these problems were proposed, tested through the development of viable prototypes.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cA common platform is the most efficient model for connecting to payments, but it is also the most difficult to implement. The Dunbar project demonstrated that the key issues of trust and joint governance can be addressed through governance mechanisms strengthened by robust technology,\u201d said Andrew McCormack, head of the BIS Innovation Hub in Singapore.<\/p>\n<\/blockquote>\n<p>As reported, BIS, together with the central banks of Hong Kong, Thailand, China and the UAE, is implementing <a href=\"https:\/\/forklog.com\/en\/news\/bis-foresees-dramatic-cut-in-cross-border-payment-costs-from-cbdcs\">Inthanon-LionRock<\/a> in cross-border payments using CBDC.<\/p>\n<p>In July 2021, the institution successfully <a href=\"https:\/\/forklog.com\/en\/news\/france-and-singapore-tested-cbdc-in-cross-border-wholesale-payments\">completed the pilot<\/a> in this area with the participation of the Bank of France and Singapore.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The BIS Innovation Hub, together with the central banks of Australia, Malaysia, Singapore and South Africa, designed two prototypes of a platform for cross-border payments using multiple CBDCs.<\/p>\n","protected":false},"author":1,"featured_media":59076,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1430,1095,809],"class_list":["post-59075","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bis","tag-cbdc","tag-central-banks"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/59075","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=59075"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/59075\/revisions"}],"predecessor-version":[{"id":59077,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/59075\/revisions\/59077"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/59076"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=59075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=59075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=59075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}