Malaysia’s Central Bank Actively Assessing CBDC Options

Malaysia is assessing the potential benefits of using digital currencies, according to Bank Negara Malaysia (BNM).

BNM, Bank Negara Malaysia, Malaysia Central Bank
Picture from https://www.bnm.gov.my/

The central bank is actively reviewing the central bank’s (CBDC) digital currency value offering to Malaysia, it said in an emailed response to a Bloomberg inquiry.

“Although a decision has not yet been made to release CDBC, we are focusing our research on it “via proof-of-concept” and experimentation to enhance our technical and policy capabilities, should the need to produce CBDC emerge in the future.”

Malaysia in September last year joined the Bank for International Settlements, Australia, Singapore and South Africa to test the central bank’s use of digital currencies for international solutions through a partnership platform in a project called Project Dunbar.

Several countries, especially China, are already testing the use of digital currencies published by central banks as a means to make everything from interbank transfers to consumer purchases, easier and more efficient.

China is offering the use of digital yuan to athletes and spectators ahead of the Winter Olympics, which begin next month.

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