These participants can in turn conduct peer-to-peer payments and redeem the CBDC for reserves at the issuing central bank. Project Dunbar in the Singapore Centre is a collaboration among MAS, the Reserve Bank of Australia, Bank Negara Malaysia, and the South African Reserve Bank. Built on two open-source distributed ledger platforms (i.e. Corda and Quorum), Project Dunbar focuses on international settlements using digital currencies issued by multiple central banks. Project Dunbar has successfully developed working prototypes that have successfully resolved challenges relating to access, governance, and jurisdictional boundaries. Project Dunbar is also focused on addressing the governance issues related to operating a multi-CBDC platform. For example: Security. How do we get multiple central banks to share a common platform and mitigate national security concerns associated with sharing critical infrastructure? Access. Who should participate in such a shared platform? Non-banks should be included because not everyone has a bank account. Regulation. How do we reconcile across different laws, regulations, guidelines and protocols that govern payments. The third pathway to solving the cross-border payments problem is through private sector led blockchain based payment networks. The use of distributed ledgers for cross-border settlement need not be confined to CBDCs. 4/8  BIS - Central bankers' speeches  Securely-backed stablecoins or tokenised bank deposits issued by private sector players can also be used to enable cheaper and faster cross-border payment and settlement.
The Governing Council chose covered bonds due to their particular importance in Europe and the fact that, by carrying a signature from the issuing bank and the underlying asset, they are akin to our repo operations. Our aim was to have a catalytic role: we decided on a purchase programme with a volume that was significant enough to improve market functioning but not so large as to dominate the market as such. We also chose the covered bond market because we knew we could trigger new issuance activities, and thereby have a positive spillover effect on the overall financing of banks as well as on other market segments. All in all, there are encouraging signs that these measures – in combination with the substantial interest rate reductions – are gradually bearing fruit. At the same time, there is no room for complacency and we are, as always, alert and prepared for any unexpected developments. III. How to exit? – The ECB’s exit strategy  Having described the set of non-standard measures, let me now turn to the question of how to exit from them. The rationale for exit from these measures is the inverse of the rationale for their implementation. We have introduced exceptional measures under exceptional circumstances and will unwind these measures when the situation returns to normal and the rationale for the measures fades away. Note that an exit strategy is not identical to a particular course of action.