Singapore Explores Programmable Digital Currency Use Cases with Industry Trials
Arthur T Knackerbracket has processed the following story
Singapore is testing potential uses of "purpose-bound" digital money via trials with industry players, including funds disbursement without requiring recipients to have a bank account. However, it has found no push for a retail central bank digital currency.
Monetary Authority of Singapore (MAS) said it had assessed the use of a digital equivalent of dollar notes and coins, or a retail central bank digital currency, and found no compelling need for one, at least, for the moment.
It noted, though, that it would look to build the technical capabilities and competencies required to issue a retail central bank currency, should there ever be a need for one. Subsequent reviews here would examine the optimal ledger technology to build out such a currency and its integration with the country's existing financial market infrastructure, MAS said.
The Singapore central bank said it instead identified potential for purpose-bound, or programmable, digital money to enable senders to specify conditions, with which they could make transfers in digital SGD, such as types of shops and validity period.
Read more of this story at SoylentNews.