A Practical Path for Malaysia  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.

The Risks and Trade-offs for Malaysia

For the economy For local banks For other industry players

1) Payment efficiency and competitionFaster, cheaper payments; instant, programmable disbursements; and lower-cost cross-border settlement. 2) Financial inclusionA public digital option can widen access where private fees or fragmentation exclude users, provided the design and UX are strong. 3) Monetary sovereignty and innovationKeeps public money relevant as the economy digitises and…

Short answer: Not yet.Bank Negara Malaysia has said there are no immediate plans for a retail CBDC. Our domestic rails are already efficient. That said, BNM is actively experimenting in wholesale and cross-border settings and has participated in multi-central bank pilots. Translation: Malaysia is building capability and keeping its options…

What is a CBDC?A central bank digital currency is a digital form of a nation’s fiat money, issued by the central bank. There are two main designs: retail CBDC for the public and wholesale CBDC for banks and payment institutions. Who has actually launched one?Live national rollouts remain limited. The…

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