4 Central Banks Will Experiment with the Use of Digital Currency

4 central banks will experiment with the use of digital currency. The project will be implemented by the Bank for International Settlements (BIS).

The Bank for International Settlements (BIS) will test the use of centralized digital currency (CBDC) between central banks of Australia, Malaysia, Singapore and South Africa. With the work called Dunbar Project, it was aimed to develop a common platform for making international payments in digital fiat currency. According to the BIS statement, the system will allow direct transfers between centralized digital currencies, reducing cost and time spent. Andrew McCormack, Managing Director of the BIS Innovation Center Singapore, said, "Our work on multiple CBDCs is laying the groundwork for the next phase and establishing global payment connections." Immediately after the news was heard, the cryptocurrency market witnessed a rapid rise. While Ethereum climbed above $3,700, Bitcoin reached $50,000 once again.