A Practical Path for Malaysia
A Practical Path for Malaysia
- Prioritise wholesale and cross-border pilots that deliver clear wins for trade, remittances, and settlement.
- Mandate interoperability with PayNet, DuitNow, major e-wallets, and POS stacks before any retail step.
- Codify privacy-by-design with tiered KYC, offline small-value wallets, and strict limits on data use.
- Protect bank intermediation via caps and tiered interest; keep lender-of-last-resort backstops clear.
- Focus on real economic outcomes first: exporter settlement, supply-chain finance, and targeted public disbursements.
CBDCs are tools, not trophies. Move when a CBDC clearly beats today’s already-strong rails—especially for cross-border use cases—and only after privacy, interoperability, and merchant economics are nailed.
