The Bank for International Settlements together with several central banks have built prototypes for bank-issued digital currencies platform. The network will serve for making transactions across borders, boosting their efficiency.
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BIS and financial authorities of Australia, Malaysia, Singapore, and South Africa released a statement that informs that there are two prototypes to show the technical viability of such a platform.
One of the prototypes was developed on the Corda distributed ledger platform, and the other one on Quorum.
The process shows that it is possible for banking institutions to transact through a platform, without a third party thus reducing the need for third parties, decreasing costs, and saving time.Project Dunbar, which is the name given to the experimental process, explores cross-border financial settlements using various CBDCs. BIS published an extensive report that explains the project overview, benefits, technical solutions, and areas for further exploration.