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: 31 July 2024
Information Paper on Good Practices for Licensed and Exempt Financial Advisers
Information on the good practices of financial advisers in the areas of advisory and sales process, recruitment, training and competency of representatives, complaints handling and compliance function.
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Monographs/Information PapersPublished Date: 01 July 2024
Terrorism Financing National Risk Assessment
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Monographs/Information PapersPublished Date: 01 July 2024
National Strategy for Countering the Financing of Terrorism
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