Bank Negara Malaysia (BNM) has introduced three new trial programs through its Digital Asset Innovation Hub.

These programs provide the central bank with a controlled environment to study digital money tools and determine how they might fit into Malaysia’s financial system.

One of the main areas of testing involves a digital token backed by the Malaysian ringgit. The central bank wants to see whether a ringgit-based stablecoin can support cross-border payments and reduce settlement friction.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe – We publish new crypto explainer videos every week!

Another area examines how real-world assets can be digitized and moved more easily between parties.

BNM is also running tests on digital versions of bank deposits. These trials look at how deposit-backed tokens function in practice and whether they could help shape a future wholesale central bank digital currency.

Such a system would allow the central bank to issue and manage digital ringgit for use by financial institutions.

Several major companies are taking part in the project. Standard Chartered Bank, CIMB Group Holding, Maybank, and Capital A will help the central bank test different use cases and identify practical issues.

The central bank will also review how these ideas align with Shariah requirements, which guide financial and social conduct in Malaysia.

The Bank of England has introduced a new testing program to study how tokenized assets could settle in pounds through synchronized processes. How does it work? Read the full story.


Share.

Comments are closed.

Exit mobile version