The Bank for International Settlements (BIS) has created two prototypes for a common platform that would allow international settlements to be made with digital currencies issued by numerous central banks. The infrastructure, codenamed “Project Dunbar,” is meant to allow financial institutions to conduct cross-border transactions in many currencies. The solution has the ability to eliminate reliance on middlemen, lowering transaction costs and speed. The Bank of International Settlements (BIS) worked on the project with the Bank Negara Malaysia, the Reserve Bank of Australia, the Reserve Bank of South Africa, and the Singapore Monetary Authority. The Bank for International Settlements (BIS) was founded in 1930 and is owned by 63 central banks representing 95 percent of global GDP. Its goal is to serve as a bank to central banks. Through international cooperation, the BIS aims to assist central banks in their … Continue reading International Bank Develops Prototype for Cross-Border Digital Currency Platform. Paving The Way To Our Technocratic Dystopia.
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