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Maldives Monetary Authority (MMA) has signed an agreement with TietoEVRY, to implement an Instant Payments System. The project also involves developing a digital bank solution with a mobile application to enable the creation of new services, promote innovation and increase competition in the Maldives. Also it will give nonbank payment service providers access to the account-to-account domestic payments scheme using open APIs, thus enabling digital and integrated payment services. https://www.mma.gov.mv/#/news/PR-MCS-2020-7(english).html

The United Nations has published a sandbox framework that maps out the steps and key elements for the designing and operationalizing central bank digital currency (CBDC). First a proof of concept (PoC) is used as part of the selection process for the CBDC issuing system, and then the sandbox is used to test the basic capabilities of the platform to issue CBDC securely. Then banks and other payment service providers (PSPs) are brought in to test settlement functions. When key criteria have been met, then the CBDC can be released for pilots with real CBDC for use with selected groups of users, merchants, and other stakeholders.