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Singapore Unveils Digital Currency Blueprint, Wholesale CBDC by 2024
MAS outlines infrastructure to advance digital money, plans central bank digital currency for interbank settlement.
Khazik Yaqoob
November 21, 2023
Singapore unveils a technology blueprint and guidelines to advance digital currencies, with plans by its central bank to develop a wholesale CBDC for interbank settlement starting in 2024 to reinforce and facilitate safe payments.
The Monetary Authority of Singapore (MAS) has released new guidelines and a technology blueprint to advance digital currencies in the city-state.
Blueprint
The blueprint provides infrastructure for services involving wholesale central bank digital currencies (CBDCs), tokenized bank liabilities, and stablecoins.
It also covers protocols for purpose-bound money and readable wallet addresses.
MAS Plans
MAS developed the blueprint based on industry trials conducted under Project Orchid since last year. The guidelines aim to promote innovation while ensuring safety.
Additionally, MAS plans to develop a wholesale CBDC for interbank settlement starting in 2024. The first pilot will use a live wholesale CBDC to settle retail payments between commercial banks.
Later tests will explore cross-border securities trading using digital currency.
"The issuance of wholesale CBDC reinforces central bank money's role in facilitating safe and efficient payments," said MAS Managing Director Ravi Menon.
Singapore continues leading the way in developing thoughtful digital currency frameworks. The new blueprint and 2024 CBDC rollout put MAS at the forefront of driving practical innovations.
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