Bank Negara Malaysia is becoming more active in researching and developing the Central Bank Digital Currency (CBDC).
Currently, most of the dominant central banks are involved in the development of adopting blockchain technology with the help of introducing Central Bank Digital Currency (CBDC) in the traditional payment system.
In 2021, Bank Negara Malaysia, in partnership with South Africa, Australia and its Southeast Asian neighbor Singapore, is working to create a proof-of-interest consensus-based CBDC.
On January 17, a Bloomberg report confirmed that Bank Negara Malaysia, the central bank of Malaysia, is unsure how to move forward with CBDC adoption, but that the bank is actively working on CBDC development and is looking at developing better policies to bring about ongoing use.
“Enhancing our technical and policy capabilities through proof of concept and experimentation.”
The report ensures that Malaysia wants to ensure in every way that it can easily pilot its CBDC in the future, which is why it is looking at its best.
The Central Bank of Malaysia, in partnership with South Africa, Australia and Southeast Asian neighbor Singapore, is using Project Dunbar to leverage r3 and ConsenSys' Corda and Quorum blockchain platforms, respectively. The researchers reportedly pointed out all the features of this proof-of-stake based CBDC that allows for easy and fast cross-border transactions in real time.
Countries Fearful of CBDC Rollout
Currently, China is leading the way in central bank digital currency (CBDC) adoption with its digital renminbi. However, the launch of China's CBDC is still in the initial trial stage.
The Chinese government is reportedly working with a number of payment service providers to make the public rollout of CBDC in China a success.
In addition to this, Nigerians have also launched their e-Naira (Nigerian CBDC), but there are still reports that the Central Bank of Nigeria is concerned that it will not be successful. However, the initial phase of the Nigerian CBDC rollout has begun, but it is only a matter of time before Nigerian citizens are able to use the CBDC.
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