WEB3
by BSCN
November 16, 2023
This "live" CBDC issuance specifically designed for wholesale settlement purposes represents a significant step forward in testing the viability and efficiency of digital currencies in interbank transactions
The Monetary Authority of Singapore (MAS) is gearing up to launch trials for a wholesale Central Bank Digital Currency (CBDC). This initiative aligns with MAS's broader vision to facilitate secure and efficient payments through innovative digital solutions.
The first pilot will involve using this CBDC to settle retail payments between commercial banks. This step aims to demonstrate the viability and efficiency of CBDCs in interbank transactions.
Ravi Menon, Managing Director of MAS, emphasizes the importance of wholesale CBDC issuance in reinforcing the central bank's pivotal role in facilitating secure and efficient payments.
The wholesale CBDC trials form a crucial component of MAS's three-pronged approach to ensure the safe and innovative use of digital money in Singapore. Alongside the CBDC trials, MAS is advancing the Orchid Blueprint, outlining the technology infrastructure for future digital money transfers. Singapore will host the Singapore FinTech Festival 2023, which will feature the first trial of tokenized bank liabilities for retail payments.
Additionally, a set of four trials, including the tokenization of bank liabilities for retail payments, is set to be tested in collaboration with industry players.
Moreover, MAS announced five industry pilots under Project Guardian on Oct. 15. By partnering with key financial institutions, this collaborative initiative can expand asset tokenization initiatives and develop foundational capabilities essential for scaling tokenized markets, according to reports.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
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