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Four Central Banks Plan Important Launch Of Digital Currency Prototypes

More and more banks are getting ready to hop on the digital currency wagon. Check out the latest reports that highlight the mass adoption of crypto below.

Four banks are getting ready to launch digital currency prototypes

The Bank of International Settlements (BIS) revealed the partnership with four financial institutions to develop central bank digital currencies (CBDCs).

In a new report, the BIS addressed Project Dunbar to focus on how a shared platform incorporating several CBDCs could help make international payments “faster and safer.”

“Project Dunbar explores how a common platform for multiple central bank digital currencies (multi-CBDCs) could enable cheaper, faster and safer cross-border payments.”

The notes continue and reveal the following:

“The project is a collaboration between the Bank for International Settlements (BIS) Innovation Hub Singapore Centre, the Reserve Bank of Australia, Bank Negara Malaysia, the Monetary Authority of Singapore and the South African Reserve Bank.”

The announcement addresses 3 essential challenges

The announcement discussed three important challenges in settling international transactions through a common forum.

The first challenge is in regards to platform access to CBDCs, such as who will have that access and where.

The second challenge is about the cross-border payment simplification in accordance with local regulations, which differ from country to country.

And last, but not least, the third challenge involves developing a fair governance system that respects an individual country’s national security while allowing the sharing of financial information.

Crypto mass adoption continues

Goldman Sachs managed to blow visitors’ minds when they enter the official website. Check out the discussion that takes place on Twitter at the moment.

Mass adoption of crypto continues and there is no doubt about it. Just take a look at what the big players are doing these days.

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