PANews reported on December 15 that according to Pressreader, Bank Negara Malaysia is working with several local financial institutions to study the potential of wholesale central bank digital currencies through proof of concept (POC), aiming to optimize Malaysia's wholesale payment system RENTAS. Bank Negara Malaysia is also actively involved in a number of cross-border wholesale digital currency and innovation projects led by the BIS Innovation Hub, such as the Dunbar, Mandala, Rialto and mBridge projects, and mainly serves as an observer in these projects. "These projects explore the application of distributed ledger technology (DLT) and central bank digital currencies in order to improve the efficiency of cross-border payments."
It is reported that the original intention of Bank Negara Malaysia to participate in these projects is to deepen the understanding of central bank digital currency among institutions and the financial industry and lay the foundation for potential development in the future.
