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The collaboration of MAS and BIS for the shared system of CBDC

The Central Bank of Singapore will try to attempt to simplify the global economy by altering how money transfers across borders by using a central bank digital currency that is modeled after bitcoin. If this is a success, the fees could be reduced to wherein residents with low-income can also participate in using it.

As of now the institutions/companies and individuals are currently using a network of correspondent banks to transfer funds across the globe. The Monetary Authority of Singapore (MAS) and Bank for International Settlements (BIS) said last July that they'll be collaborating to establish a shared system for the central banks for them to able to send cash directly utilizing CBDCs. They called this the 'Project Dunbar'.

 

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