CBDC Initiatives Announced, NFTs Expand Across Markets, Token and Wallet Applications Evolve, SEC and DOJ Target Crypto Fraud, Crypto Hacks Continue | BakerHostetler

 CBDC Initiatives Announced, NFTs Expand Across Markets, Token and Wallet Applications Evolve, SEC and DOJ Target Crypto Fraud, Crypto Hacks Continue | BakerHostetler

[co-author: Lauren Bass]

CBDC Initiatives Announced, Blockchain Trade Finance Platform Launches

By Robert A. Musiala Jr.

This week, the Bank for International Settlements (BIS) announced Project Dunbar, an initiative in which BIS will collaborate with the Reserve Bank of Australia, Bank Negara Malaysia, Monetary Authority of Singapore and South African Reserve Bank “to test the use of central bank digital currencies (CBDCs) for international settlements.” According to the press release, the project will seek to develop “multi-CBDC platforms” that “allow financial institutions to transact directly with each other in the digital currencies issued by participating central banks, eliminating the need for intermediaries and cutting the time and cost of transactions.”

The Central Bank of Nigeria issued a press release this week to announce that it has engaged Bitt Inc. as a technical partner for its planned CBDC, named…

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