Australia: Adopted Project Dunbar enacting Central Bank Digital Currencies (CBDCs) for international settlements

The Bank for International Settlements (BIS) Innovation Hub and the Central Banks of Australia, Malaysia, Singapore, and South Africa agreed to test the use of central bank digital currencies (CBDCs) for international settlements. The "Project Dunbar" will develop prototypes of platforms enabling international settlements with digital currencies issued by multiple central banks. The system aims to allow transactions between institutions and supports the G20 roadmap for the improvement of cross-border payments. Key challenges to be combated are the governance of such a platform, as well as jurisdictional boundaries.