BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Singapore Central Bank Trials Live Wholesale CBDC for Settlements

by Dan K
Nov 17, 2023 - 12:46 pm
in Blockchain
Image depicting BitGo's achievement in obtaining in-principle MPI license approval in Singapore.

Introduction

The Monetary Authority of Singapore (MAS) has unveiled its plan to launch a live wholesale Central Bank Digital Currency (CBDC) used for settlements by local banks. This groundbreaking initiative was announced at the Singapore Fintech Festival by MAS Managing Director Ravi Menon.

Implementation of Live Wholesale CBDC

A pilot program for a live Singapore dollar-based CBDC has been launched by MAS, targeting its utilization by local banks for settlement purposes. The initiative marks a transition from simulated environments to real-world applications, with MAS soon partnering with Singaporean banks to test the CBDC as a settlement asset for domestic payments.

The Pilot Program Details

As part of the test program, banks will issue tokenized liabilities representing claims on their balance sheets. These will enable retail customers to transact with merchants, settled through an automatic transfer of a wholesale CBDC. This method streamlines the clearing and settlement process, making it instantaneous and more efficient compared to the current system.

Advantages of Wholesale CBDC

A wholesale CBDC, primarily used by central and commercial banks, promises to revolutionize how large financial institutions settle payments. The integration of such digital currency into the financial system can potentially make cross-border payments more efficient and cost-effective, as evidenced by the results of Project Ubin, a collaborative effort between the MAS and the New York Federal Reserve.

Expansion of Project Guardian

In line with these developments, MAS introduced five additional industry pilots to Project Guardian. This expansion, now encompassing 17 members including major financial institutions like BNY Mellon, HSBC, and Citigroup, aims to explore various use cases around asset tokenization.

Conclusion

The pilot of the live wholesale CBDC by the MAS represents a significant advancement in the realm of financial technology. By leveraging digital currencies for settlements, Singapore positions itself at the forefront of banking innovation, potentially setting a precedent for other nations to follow.

Tags: BlockchainCBDCSingapore
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Exterior view of the Czech National Bank building in Prague, symbolizing the institution’s financial strategies and innovation.

Bank of England Governor Says Stablecoins Could Reduce Reliance on Banks

October 1, 2025

Andrew Bailey says stablecoins could reduce UK reliance on commercial banks by separating money from credit, signaling a...

blockchain

Spacecoin Executes First Blockchain Transaction Through Space

October 1, 2025

Spacecoin has achieved the first-ever blockchain transaction through space using a nanosatellite, marking a milestone for decentralization and...

The headquarters of the Autorité des Marchés Financiers (AMF) Investor in Paris, France, the regulatory body warning investors against ByBit.

French Officials Pressured Telegram to Censor Moldova Election Posts: Durov

September 28, 2025

Pavel Durov revealed French intelligence pressured Telegram to censor Moldova election content in 2024, which he refused, citing...

Wall Street financial district with Bitcoin symbol representing institutional adoption

Bitcoin skepticism fades as nations gear up for adoption, says Samson Mow

September 28, 2025

Samson Mow predicts nation-states will move from skepticism to rapid Bitcoin adoption, fueling global FOMO and a rush...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service