Central banks develop prototypes for cross-border CBDC interoperability
The project was organised along three workstreams: one focusing on high-level functional requirements and design, and two concurrent technical streams that developed prototypes on the Corda and Partior blockchain platforms.Andrew McCormack, head of the BIS Innovation Hub Centre in Singapore, says: "A common platform is the most efficient model for payments connectivity but is also the most challenging to achieve. Project Dunbar demonstrated that key concerns of trust and shared control can be addressed through governance mechanisms enforced by robust technological means, laying the foundation for the development of future global and regional platforms."Michele Bullock, assistant governor, Reserve Bank of Australia, adds: "Allowing entities to directly hold and transact in CBDCs from different jurisdictions could reduce the need for intermediaries in cross-border payments, but it would need to be done in a way that preserves the security and resilience of these payments.
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