Malaysia is studying the application of digital currency in banking transactions

The central bank said that Malaysia Working to assess the potential benefits of adopting digital currency.

“The bank is actively evaluating the value proposition of a digital currency for the Central Bank of Malaysia,” the bank explained in an emailed statement, in response to a query from “Bloomberg.” The statement added: “Although no decision has been made to issue the currency, we have focused our research on implementing the currency through a feasibility audit and experimentation in order to enhance our technical and policy capabilities, in case there is a need to issue a digital currency in the future.”

In September last year, Malaysia joined forces with the Bank for International Settlements, Australia, Singapore and South Africa to test the use of central bank digital currencies for international settlements via a joint platform in a project called Project Dunbar.

Several countries, especially China, have been testing the use of digital currencies issued by the central bank, as a way to make everything from interbank transfers to consumer purchases cheaper and more efficient. China is offering athletes and fans the use of the digital yuan before the Beijing Winter Olympics, which start next month.

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