Bank Negara Malaysia (BNM) is reportedly studying the potential of the central bank's digital currency (CBDC).
However, there is still no final word on the launch of the CBDC as BNM is still in the research phase where they are evaluating financial product proposals which are the talk of most developing countries.
For the record, Malaysia is now the latest country to participate in the CBDC race alongside China, the Bahamas, Jamaica, Indonesia, Vietnam, and the United States (US).
During the research period undertaken by BNM, several aspects came to attention including the impact of the CBDC on the monetary network and its benefits to the national economy:
"We are focusing on proof-of-concept CBDC research, along with policy and technical capability improvement experiments, as well as assessing CBDC needs in the future."
Around the beginning of March 2021, BNM stated that the CBDC publication plan was still off their radar.
However, in September, there was the latest development involving 4 countries: Australia, Malaysia, Singapore, and South Africa which were rumored to be testing the CBDC for international transactions.
