Malaysia’s Central Bank to issue their own digital currency

When China launched their own digital currency, interest in digital currency worldwide intensified as it had a big impact in other countries. But not all were astounded by the retail approach of China. Malaysia’s Central Bank will be experimenting with their own CBDC instead of using China’s retail digital yuan and Sweden’s e-krona. They didn’t share the initial timeframe of the experiment as they don’t have any immediate plans to issue the digital currency in their country.

Director of Financial Development and Innovation of Bank Negara Malaysia, Mr. Suhaimi Ali said “Malaysia’s central bank will be running a proof-of-concept (PoC) project to gauge the merits of a central bank digital currency (CBDC) with an initial focus on wholesale CBDCs.”

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