crypto asset players that may not be consistently regulated. new cooperative oversight arrangements need to be carefully considered to ensure that emerging risks and vulnerabilities remain well - managed. with instantaneous cross - border payments becoming more pervasive, cooperation across borders also need to consider issues surrounding capital flow management as well as dispute handling for fraudulent crossborder transactions. as central banks experiment with new digital forms of money such as central bank digital currencies ( cbdc ) and tokenised deposits, the way central banks oversee payments is also poised to change significantly as these instruments become more widely used in the payment ecosystem. indeed, the more imminent prospect of private sector stablecoins is already raising important questions on the adequacy of existing regulatory frameworks and their implications for the monetary system, including the impact on transmission mechanisms for monetary policy. international standard - setting bodies like the bis, cpmi and iosco would have an important role to play in supporting appropriate responses to these challenges by fostering dialogue, considering standards, and facilitating greater information exchange and collaboration between central banks and regulators around the world. developments in malaysia and asean against this backdrop, bnm has established a cross - functional digital currency research hub ( dcrh ) to lead an open and pragmatic approach to innovation by exploring how emerging technologies can futureproof our domestic payment infrastructures. an immediate focus has been an undertaking that is currently in progress to modernise our rtgs system. earlier this year, bnm issued a discussion paper that outlines plans to modernise our large value payment system, rentas. this will include supporting near 24 / 7 operations, wider participant access, enhanced data sharing and analytics capabilities, and more effective liquidity management. at the same time, we are actively pursuing exploratory work on the potential of wholesale cbdc to futureproof rentas and improve cross - border payments – including facilitating local currency settlements for cross - border trade and investment activities to reduce foreign exchange costs and enhance resilience against financial shocks. to this end, bnm is working to develop a wholesale cbdc prototype based on identified use cases to help us understand how cbdc could support new payment solutions that can overcome pain points faced today. concurrently, bnm also continues to be actively involved in projects conceived under the bis innovation hub, along with other central banks both in this region and beyond. the dcrh has also been tasked to study potential use cases for asset tokenisation. this would bring together money and assets on

common accord would have to be reached on the central parity against the euro. with a view to further enhancing the ecb ’ s transparency policy, the governing council has today decided to publish all non - confidential legal instruments governing the relationship between the ecb and the euro area national central banks in the official journal of the european communities. the release of these legal instruments in all 11 official community languages will give interested members of the public an opportunity to gain first - hand knowledge about the internal operation of the eurosystem. the members of the governing council regard the transparency of the decision - making process as an appropriate means by which to strengthen the democratic nature of the institution and to increase the public ’ s confidence in its administration. this decision is in line with the general policy towards increased transparency in the decision - making process currently being pursued at the community level.