Singapore MAS Released Whitepaper Proposing Standards for Digital Money Such as Central Bank Digital Currencies, Tokenized Bank Deposits & Stablecoins on Distributed Ledger
21st June 2023 | Hong Kong
Singapore central bank Monetary Authority of Singapore (MAS) has released a whitepaper proposing standards for digital money such as central bank digital currencies, tokenized bank deposits & stablecoins on distributed ledger. The whitepaper was developed in collaboration with the International Monetary Fund (IMF), Banca d’Italia, Bank of Korea, financial institutions & FinTech firms including Amazon, Grab, Onyx by JP Morgan, DBS, OCBC Bank, and UOB. Singapore MAS: “The whitepaper was supported by the release of software prototypes that demonstrate the concept of Purpose Bound Money (PBM), which enables senders to specify conditions, such as validity period and types of shops, when making transfers in digital money across different systems. The PBM protocol is designed to work with different ledger technologies and forms of money. It enables users to access digital money using the wallet provider of their choice. With a common protocol, the same infrastructure can be used across multiple use cases. Stakeholders using different wallet providers can transfer digital assets to one another without the need for customisation. Financial institutions and FinTech firms are launching trials to test the usage of PBM under different scenarios: Online commerce & Programmable rewards.” View: White Paper
“ Singapore MAS Released Whitepaper Proposing Standards for Digital Money Such as Central Bank Digital Currencies, Tokenized Bank Deposits & Stablecoins on Distributed Ledger “
Sopnendu Mohanty, Chief FinTech Officer, MAS: “This collaboration among industry players and policymakers has helped achieve important advances in settlement efficiency, merchant acquisition, and user experience with the use of digital money. More importantly, it has enhanced the prospects for digital money becoming a key component of the future financial and payments landscape.”
Singapore MAS – Purpose Bound Money (PBM) Technical Whitepaper
This paper provides a technical overview to the concept of PBM, which enables money to be directed towards a specific purpose, without requiring money itself to be programmed. PBM features the use of a common protocol that is designed to work with different ledger technology and forms of money. With a standardised format, users will be able to access digital money using the wallet provider of their choice. View: White Paper
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