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(Bloomberg) -- A new platform to expand the reach of China’s digital yuan and other central bank digital currencies is moving closer to reality, raising eyebrows among some defenders of a system long dominated by the dollar.Most Read from BloombergEveryone Wants to Work at UPS After Teamsters DealFirst American City to Tame Inflation Owes Its Success to Affordable HousingTycoon Who Gave Away $750 Million Sees Profit in Loans to PoorStock Traders Shun Risk in Run-Up to Key CPI Test: Markets WrapW

The Bank for International Settlements (BIS) and Bank Indonesia, under the Indonesian G20 Presidency, today announced the shortlisted finalists for the G20 TechSprint challenge on central bank digital currencies (CBDCs).

<ul> <li>Twenty-one teams have been shortlisted, out of almost 100 teams worldwide.</li> <li>Competition attracted proposals from a diverse range of competing organisations and teams.</li> <li>Winners to be announced in October ahead of G20 Summit.</li> </ul>

The BIS Innovation Hub Singapore Centre and the Monetary Authority of Singapore (MAS) have developed a new prototype platform that integrates regulatory data with articles and news to help identify potential risks to individual banks and the banking system.

<ul> <li><span>New prototype &lsquo;Project Ellipse&rsquo; enables quick access to early warning indicators, analytics, and prudential metrics for banking supervision.</span></li> <li><span>The Ellipse prototype is the first to be published on&nbsp;<a class="mas-link" target="_blank" href="https://www.bis.org/innovation/bis_open_tech.htm"><span class="mas-link__text">BIS Open Tech</span>&nbsp;<span class="mas-icon mas-glyphs-external--link">&...