Bank Negara Malaysia is actively studying the potential of wholesale central bank digital currency

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) 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 Project, the Mandala Project, the Rialto Project and the mBridge Project, and mainly plays an observer role 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 currencies among institutions and the financial industry, and lay the foundation for potential future development.