Singapore forges ahead with fiat experiment

Posted on June 2, 2017 by Editor

Last week we reported that Canada’s central bank has decided that distributed ledger technology is not ready to replace existing inter-bank payment infrastructure. Well, it’s a competitive world.

Singapore’s central bank, the Monetary Authority of Singapore this week announced that it is moving forward into the second phase of it’s “Project Ubin”, after a successful initial trial based around a “private ethereum network”. It will be working in two areas: making fixed income securities trading and settlement cycle more efficient through DLT; and conducting cross border payments using a central bank digital currency. Read more here.

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