Two years ago Bank Negara Malaysia (BNM) outlined its plans for central bank digital currency (CBDC). At the time it intended to explore wholesale CBDC (wCBDC) in the short term and a general purpose retail CBDC this year. However, during a digital payments event yesterday it disclosed that the emphasis is solely on wholesale CBDC. It believes retail payments are already well served by existing systems.
Currently it is building expertise, performing preparatory work and getting to grips with the technology.
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