Digital ringgit using digital signature for authenticity

Shamsul Rizal, Fatin Zulaikha (2023) Digital ringgit using digital signature for authenticity. Project Report. Universiti Teknikal Malaysia Melaka, Melaka, Malaysia. (Submitted)

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Abstract

The creation CBDC (Central Bank Digital Currency) are ongoing worldwide. CBDCs are needed to modernize a national network of finance, and central banks have taken different approaches to design and research. A digital currency that the central bank created would need to support quicker and less expensive payments while maintaining customer privacy. Despite Malaysia's lack of a privacy laws, it is crucial to preserve consumer privacy. The privacy rights of customers would need to be protected, but a digital ringgit would also need to provide the openness required to discourage illegal behaviour. A large growth of BNM's function in the financial system and the economy shouldn't be aided by a digital ringgit. The private sector would provide accounts or digital wallets under a bank intermediation to simplify the administration of a digital ringgit payment system. These already established potential middlemen will provide services on a free market for digital ringgit.

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