The Monetary Authority of Singapore (MAS) previously unveiled Project Dunbar, a central bank digital currency (CBDC) platform where multiple countries issue digital currencies on a shared blockchain, a so-called Multi-CBDC (M-CBDC). In conjunction with the Bank for International Settlements (BIS) Innovation Hub, today it was announced that the Reserve Bank of Australia, Bank Negara Malaysia, and South African Reserve Bank will also participate in cross-border settlement trials.
These M-CBDC platforms are for wholesale CBDCs that can only be used by regulated institutions. A previous trial between MAS and the Banque de France used JP Morgan’s Onyx solution based on Quorum, the Ethereum enterprise blockchain. However, today’s announcement states that multiple blockchain technologies and partners will be involved in the trials. Given it proposes a shared platform, different governance structures will be explored as well as designs.
Sopnendu Mohanty, Chief FinTech Officer, MAS spoke about how Dunbar will contribute to making “payments cheaper and faster. The findings on how a common platform can be governed effectively and managed efficiently will shape the blueprint of the next generation payment systems.”
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