The Monetary Authority of Singapore (MAS), the nation’s central bank, has successfully completed its blockchain inter-bank payments proof-of-concept (PoC) project.
The blockchain inter-bank platform works is with banks depositing cash as collateral in exchange for central-bank issued digital currency.
The second project focuses on new methods to conduct cross border payments using central bank digital currency.
Payments and settlements between participating banks occur with the MAS digital currency.
The possibilities of the MAS central bank digital currency put to use for cross-border payments beyond regional settlements will take focus, alongside research toward securities trading.
As it stated in
Coin Center and the Future of Digital Currency
Open, permissionless, distributed blockchain systems such as the digital currency platforms Bitcoin and Ethereum are paradigm-shifting technologies that often raise more questions than they answer.
Some companies may help their users buy or sell bitcoin and they may also secure the cryptographic keys to their digital currency balances.
Consumer ProtectionThere’s no centralized ledger keeper in a digital currency, but just because there’s no “Bank of Bitcoin” doesn’t mean that bitcoin holders are always safe from fraud or theft.
Coin Center is a Washington, D.C. based think tank that studies these questions, develops sound policy answers and advocates for solutions.
As a result, legal gray areas have emerged that force potential digital currency entrepreneurs to navigate a murky and uncertain regulatory environment-an expensive and time consuming prospect that cools growth in the sector.
As it stated in
Singapore’s Central Bank Completes Digital Currency Trial
Singapore’s central bank has completed a distributed ledger trial focused on inter-bank payments, officials said today.
The second project focuses on new methods to conduct cross border payments using central bank digital currency.”
According to the central bank, further tests are planned that will utilize the tech and lessons gleaned from the first test.
The MAS said:”MAS has plans for two spin-off projects that will leverage the lessons of the inter-bank payments project.
According to the bank, the aim was to develop “a digital representation of the Singapore dollar for interbank settlement”.
collected by :Donald Luther