Joint CBDC platform to be launched by 4 countries

Blockchain has been on central bankers’ minds for quite some time already, and CBDC projects are being considered across the globe, from China (the most advanced) to Nigeria.

The recent project is international though. Australia, Singapore, Malaysia and South Africa announced a joint initiative called Project Dunbar – shared DLT platform that will streamline international settlements between these countries. The project is aiming at allowing financial institutions to transact directly with each other, bypassing numerous existing intermediaries.

CBDCs will most certainly be much more efficient than the current system of correspondent banks that take days to settle a cross-border payment. They will not, however, change the fact that currency supply is still controlled by a Central Bank.

Moreover, with the exception of highly determined China, other countries considering a CBDC often get caught into myriads of bureaucratic hurdles, which delay its implementation.

So who knows, maybe by the time most countries do switch to a CBDC, Bitcoin adoption will make them obsolete ?