The central banks of Australia, Singapore, Malaysia and South | CRYPTO S*Y*Z*Y*G*Y🔥🔥

The central banks of Australia, Singapore, Malaysia and South Africa have announced a joint initiative to trial international settlements using central bank digital currencies (CBDCs).

The initiative, dubbed Project Dunbar, will prototype shared platforms enabling direct transfers between institutions using digital currencies issued by multiple central banks.

Singapore's BIS Innovation Hub will spearhead the project. As described, the prototypes will function exclusively in wholesale, institutional applications rather than retail use. The BIS's representatives did not return request for clarification on the matter.