The Central Bank of Malaysia, also known as the Bank Negara Malaysia (BNM) is exploring the possibility of launching its own central bank digital currency (CBDC). At the moment, the project is still in a “research mode” as the Asian nation is only looking towards “assessing the value proposition” of digital currencies. In an email written to Bloomberg, BNM stated: “BNM is actively assessing the value proposition of CBDC to Malaysia.” adding, “While a decision has not been made to issue CBDC, we have focused our research on CBDC via proof-of-concept and experimentation to enhance our technical and policy capabilities, should the need to issue CBDC arise in the future.” Earlier last year, Malaysia allied with the Bank for International Settlements, South Africa, Australia, and Singapore to develop a proof-of-concept CBDC pilot. Dubbed Project Dunbar, the pilot utilized the Corda and Quorum blockchain platforms from r3 and ConsenSys, to demonstrate the capabilities of blockchain-based cross-border remittances. The goal behind this includes developing a multi-CBDC platform to bring together central banks and commercial banks from over the world for cross-border payments solutions. Several countries have been testing the use of central bank-issued digital currencies. For instance, Thailand’s central bank has planned to test its retail CBDC for the public this year. Similarly, Cambodia has already rolled out its tokenized version of Cambodian riel, a blockchain-based CBDC called Project Bakong, and is recognized as one of the world’s first CBDCs. The Indonesian and Philippine central banks have both been racing towards developing their own digital currency. Indonesia, for instance, said that it’s developing a CBDC to counter the increased cryptocurrency usage in the country. Meanwhile, China has been testing and developing its e-CNY digital currency and wants to officially introduce it during the 2022 Winter Olympics.
Speaking at the launch of the Bank for International Settlements’ London location, Andrew Bailey expressed his optimism concerning central bank digital currencies...
Cambodian bank SBI LY HOUR Bank has launched the first blockchain-based remittance services between Cambodia and Vietnam. This solution is expected to improve cross-border transactions between the two countries. Blockchain transfer via RippleNet The development was revealed by local news outlet phonmpenhpost on Monday, May 10. According to the report, the new blockchain solution will be poweredRead More
The South-East Asian country of Cambodia is looking to a distributed ledger technology (DLT) network to reinvent their country’s payments and rid themselves of their US dollar reliance. While at the Consensus Distributed event, the assistant governor and director-general of the National Bank of Cambodia, Serey Chea, revealed the initial plans and set out the […]
Central bank digital currencies (CBDC) were the talk of the industry in early 2020 after China’s state bank, the People’s Bank of China released its digital currency electronic payment (DCEP). But what are central bank digital currencies? Here is our guide on what the currency is and the outlook for the different central banks in […]
The Cambodia Blockchain platform is steadily being rolled out, with support coming from 11 commercial banks and the National Bank of Cambodia expected...