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Singapore’s Central Bank to pilot live CBDC for interbank settlements

singapores-central-bank-to-pilot-live-cbdc-for-interbank-settlements
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Singapore’s Central Bank to pilot live CBDC for interbank settlements

The Monetary Authority of Singapore (MAS) is set to launch a live pilot of a CBDC for wholesale interbank settlements, marking a significant step in the integration of digital currencies into mainstream banking operations.

The Monetary Authority of Singapore (MAS) has announced plans to implement a live central bank digital currency (CBDC) for wholesale interbank settlement in 2024.

This initiative marks a departure from theoretical situations, because it involves using a real CBDC for transactions between commercial banks. This project is part of the Orchid Blueprint, a framework developed by the MAS for this purpose.

The Orchid Blueprint outlines the creation of a settlement ledger for recording digital money transfers, which will include features for programmability and instantaneous settlement of digital tokens.

Additionally, it proposes the development of a “Name Service” for easier identification of wallet addresses. The plan also covers experimenting with tokenized bank liabilities and regulated stablecoins.

A notable component of the blueprint is the introduction of “purpose-bound money” (PBM), a concept that allows for the programming of digital currency for specific uses. This could lead to automated transactions and predetermined conditions for the use of the digital money.

This announcement comes alongside news that Paxos Digital Singapore Pte. Ltd. has received preliminary approval from MAS to launch a USD-backed stablecoin in Singapore.