Singapore central bank’s white paper explores standards, use cases for digital money

BUSINESS

4 HOURS AGO

Wahid Pessarlay

Given the soaring adoption of digital money, Singapore’s central bank is keen on floating standard protocols to guide usage and ensure uniformity.

In a press release, the Monetary Authority of Singapore (MAS) announced the publication of a paper to specify the conditions for using central bank digital currencies (CBDCs), stablecoins, and tokenized bank deposits.

MAS enlisted technical support from the International Monetary Fund (IMF), the Bank of Korea (BOK), and a handful of financial technology firms in drafting the standards. A key theme throughout the white paper is the underlying need to unify various payment systems to enhance user experience.#BRC20 #BNB #crypto2023 #Anilsingta #Singapore