According to ChainCatcher news, as reported by Pressreader, Bank Negara Malaysia is collaborating with several local financial institutions to research the potential of wholesale central bank digital currency through a proof of concept (POC), aiming to optimize Malaysia's wholesale payment system RENTAS.
Bank Negara Malaysia is also actively involved in several cross-border wholesale digital currency and innovation projects led by the Bank for International Settlements Innovation Hub, such as the 'Dunbar Project', 'Mandala Project', 'Rialto Project', and 'mBridge Project', and primarily acts as an observer in these projects. 'These projects deeply explore the applications of distributed ledger technology (DLT) and central bank digital currencies, aiming to enhance the efficiency of cross-border payments.'
It is reported that Bank Negara Malaysia's initial intention to participate in these projects is to deepen the understanding of central bank digital currencies within institutions and the financial sector, laying the foundation for potential future developments.