Project Dunbar
Project Dunbar proved that financial institutions could use CBDCs issued by participating central banks to transact directly with each other on a shared platform. This has the potential to reduce reliance on intermediaries and, correspondingly, the costs and time taken to process cross-border transactions. The project identified three critical questions: which entities should be allowed to hold and transact with CBDCs issued on the platform? How could the flow of cross-border payments be simplified while respecting regulatory differences across jurisdictions? What governance arrangements could give countries sufficient comfort to share critical national infrastructure such as a payments system? The project proposed practical solutions for addressing these issues, which were validated through the development of prototypes that demonstrated the technical viability of shared multi-CBDC platforms for international settlements.
The project is a collaboration between the BIS Innovation Hub Singapore Centre, the Reserve Bank of Australia, Bank Negara Malaysia, the Monetary Authority of Singapore and the South African Reserve Bank.
Related Publications
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Monographs/Information PapersPublished Date: 16 October 2022
Testing Monographs or Information Papers
Testing short summary
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Monographs/Information PapersPublished Date: 07 January 2022
Global CBDC Challenge 2021 Report
The Global CBDC Challenge organised by MAS, in partnership with IMF, World Bank, ADB, UNCDF, UNHCR, UNDP and OECD, seeks innovative retail CBDC solutions to enhance payment efficiencies and promote financial inclusion. This report provides a summary of the challenge through its various phases and includes highlights of...
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Monographs/Information PapersPublished Date: 05 November 2021
Multi Currency Corridor network
The Monetary Authority of Singapore (MAS) and Banque de France (BdF) jointly experimented on wholesale cross-border payment and settlement using central bank digital currency (CBDC). The experiment, supported by J.P. Morgan’s Onyx, simulated cross-border transactions involving multiple CBDCs (m-CBDC) on a common network...