MAS Report on Potential Uses of a Purpose-Bound Digital Singapore Dollar

Nov 01,2022
KingData News: The Monetary Authority of Singapore (MAS) released today a report detailing potential uses of a purpose-bound digital Singapore dollar (SGD) and the supporting infrastructure required, marking the successful completion of Phase 1 of Project Orchid. A digital SGD can take different forms: a retail Central Bank Digital Currency (CBDC), which is the digital equivalent of today’s notes and coins issued by MAS; or privately issued money, which could include tokenised bank deposits or securely backed stablecoins . While MAS has assessed that the case for a retail CBDC in Singapore [3] is not compelling for now, it continues to actively explore good use cases for digital currencies. Project Orchid aims to build the technical capabilities and competencies necessary for MAS to issue a retail CBDC, should the need arise.
This index tracks global regulatory move targeted at cryptocurrency and blockchain industry.
30,914Follow
47,051

Recommend

More