Countries involved in the first multi-CBDC settlement effort

While the United States debates the consequences of CBDCs, the rest of the globe is moving closer to releasing their own CBDCs.

Project Dunbar, a multi-CBDC pilot initiative, was recently launched by the Bank of International Settlements (BIS). This effort, led by the BIS Innovation Hub, will be the first-of-its-kind technique for more safely and swiftly settling multi-currency international payments. According to the announcement:

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