Which institution is leading the cross-border CBDC project, undertaken by Central banks in Australia, Singapore, Malaysia, and South Africa?
Answer with explanationAnswer: Option C
- The Central banks in Australia, Singapore, Malaysia, and South Africa are set to conduct a cross-border payments trial using different central bank digital currencies (CBDC).
- Bank of International Settlement (BIS) Innovation Hub is leading the scheme.
- This latest project aims to develop prototype shared platforms for cross-border transactions using multiple CBDCs
- Another BIS-led project exploring using CBDCs for cross-border payments is also underway involving central banks from China, Hong Kong, Thailand, and the UAE.