The Bank for International Settlements (BIS) recently announced that it has developed a prototype of a digital currency platform that will facilitate efficient cross-border CBDC payments.
“The technical viability of the digital currency platform has been demonstrated with this prototype.”
BIS said in a statement with the central banks of Australia, Malaysia, Singapore and South Africa.
BIS said that the work to be carried out in the future includes: the production of platform-related rulebooks, review of laws and regulations in the jurisdiction, the formation of project governance committees, and the application of large-scale industries and regional testing.
It follows news last September that the Bank for International Settlements (BIS) Innovation Center was working with central banks in Australia, Malaysia, Singapore and South Africa to test the efficacy of wholesale CBDC in cross-border settlements.
