Monetary Authority of Singapore Proposes Protocol for Digital Money, Includes CBDCs and Stablecoins
Monetary Authority of Singapore Proposes Protocol for Digital Money, Includes CBDCs and Stablecoins
Singapore’s central bank has proposed a whitepaper on purpose-bound money (PBM), a protocol that will define benchmarks for the use of digital money including CBDCs and stablecoins.
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Singapore Proposes Standards for ‘Purpose-Bound’ Digital Money
Singapore’s central bank has proposed a common protocol to specify conditions for the use of digital currencies as financial institutions trial the use of purpose-bound money in the city-state.
MAS proposes standards to specify conditions for usage of digital money
Singapore’s central bank has proposed standards to specify conditions for the use of digital money. This includes central bank digital currencies and tokenised bank deposits. The White Paper details things like how arrangements could be programmed, such that money is only transferred once service conditions are fulfilled, for instance.
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Singapore MAS proposes digital money standards with major industry players
Singapore MAS proposes digital money standards with major industry players
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The Monetary Authority of Singapore, with input from major tech giants, released a white paper on the standards for the usage of digital money such as CBDCs and stablecoins. 1988 Total views 25 Total shares The Monetary Authority of Singapore (MAS) has released a proposal for a common protocol that would specify the conditions for the use of various types of digital currencies. On June 21, MAS published a white paper that covers technical specifications outlining the lifecycle of its new Purpose Bound Money (PBM) concept, along with the names of financial institutions and fintech firms that plan to pilot…
Source: https://cointelegraph.com/news/singapore-mas-proposes-digital-money-standards