Retail-focused Singaporean CBDC to hedge against privately issued stablecoins
The retail CBDC will be developed in partnership with private entities, which “would be the digital equivalent of today’s notes and coins.” The Monetary Authority of Singapore (MAS) has ramped up efforts to research and develop a central bank digital currency (CBDC) for retail use under the Project Orchid initiative. According to MAS managing director Ravi Menon, Singapore’s retail CBDC will be developed in a partnership with private entities, which “would be the digital equivalent of today’s notes and coins.”Speaking at the Singapore FinTech Festival, Menon highlighted the benefits of....
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