Singapore’s MAS says no urgent case for retail CBDC, but launches 4 fast tria...
The Monetary Authority of Singapore will trial a retail central bank digital currency in various contexts at a fintech event, despite the electronic payment options already available. The Monetary Authority of Singapore (MAS) has wrapped up the first stage of its Project Orchid examination of a retail central bank digital currency (CBDC). According to the white paper released on Oct. 31, there is no “urgent case” for a retail CBDC in Singapore, but the study envisioned the infrastructure required in case a need arose. It also conceptualized a new model for digital currency — purpose-bound....
Related News
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....
The Reserve Bank of Australia is continuing to explore how to design and operate a CBDC. The Reserve Bank of Australia has revealed it’s continuing to research a central bank digital currency (CBDC) less than a month after stating that there was no need for one.The RBA also revealed it is considering the possibility of a more targeted “wholesale” CBDC.Speaking at the University of Western Australia Blockchain, Cryptocurrency and Fintech Conference, Tony Richards — the Head of Payments Policy at the RBA — stated: “We will be continuing to consider the case for a CBDC, including how it might....
CFO at Singapore's central bank told Cointelegraph about his plans to implement Singapore's wholesale CBDC. Singapore is ready to launch it's own central bank digital currency, or CBDC, said Sopnendu Mohanty, chief FinTech officer at Singapore’s central bank and financial regulator, Monetary Authority of Singapore. Speaking on the subject during an exclusive interview with Cointelegraph, Mohanty pointed out that in Singapore there is not much demand for a retail CBDC, given that payment system infrastructure in the country already allow fast and cheap payments among individuals. Instead,....
The Retail CBDC will be tested in a limited retail environment with 10,000 participants and three major banks. On top of its wholesale central bank digital currency (CBDC) projects and proof-of-concept Retail CBDC testing with corporates, the Bank of Thailand (BOT) will extend the scope of CBDC development aimed at retail to a pilot phase. A possible real-life application of the "Retail CBDC" will be conducted inside the private sector on a limited scale. As the Aug. 5 announcement on the official page of the BOT goes:“The BOT will assess the benefits and associated risks from the Pilot to....
The Monetary Authority of Singapore is seeking new retail CBDC solutions with a new global challenge offering cash prizes and expert digital currency mentorship. The Monetary Authority of Singapore, the country’s central bank and a major financial regulator, is challenging fintech companies to pitch solutions for a central bank digital currency, or CBDC.On Monday, the central bank officially announced a global challenge that seeks new retail CBDC solutions which enhance payment efficiencies and promote financial inclusion. As part of the initiative, the MAS is planning to distribute 50,000....