What is Project Dunbar?

What is Project Dunbar?

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On September 22, Federal Reserve Chairman Jerome Powell announced at a press conference following the FOMC's regular meeting that a research report to determine whether or not to introduce Central Bank Digital Currency (CBDC) would soon be released. The United States is accelerating the introduction of CBDC. Major countries worldwide, such as China, Turkey, Norway, Thailand, Russia, and Korea, are also promoting the introduction of CBDC.

CBDC is a digital currency issued by a central bank to replace or supplement regular currencies. Although the ostensible reason of the countries pushing for the digitization of the current currency, which has physical limitations, is to make it more universally used, many blockchain adherents say that the start is already wrong in that a powerful central institution issues it.

Meanwhile, a cross-border CBDC project called Project Dunbar is piloted by four countries - Australia, Singapore, Malaysia, and South Africa. This project, which aims to jointly operate a multi-country payment platform using CBDC without currency exchange, was led by the Singapore branch of 'Innovation Hub,' a digital currency and blockchain research organization under the Bank of International Settlements (BIS). The results of the project Dunbar's pilot operation based on distributed ledger technology (DLT), a representative technology of blockchain, will improve cross-border payment services by central banks of 20 major countries (G20).

Suppose this project Dunbar is successfully introduced to improve cross-border payment services. In that case, it is expected to increase its efficiency in resolving complex payment issues arising from the ever-increasing trade between countries and migrant workers. In response to this expectation, China, Hong Kong, Thailand and the United Arab Emirates (UAE) are also pushing for trial operation of multi-country payment services.

In your opinion, what will be the outcome of Project Dunbar?

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