Menon backs blockchain as Project Ubin enters new phase
The MAS aims to expand Project Ubin into instant 24/7 cross-border platform, says Menon
The Monetary Authority of Singapore (MAS) is to expand its distributed ledger system to cross-border payment and settlement, as the central bank remains positive on blockchain and vows to harness the technology.
“Blockchain is one of the most misunderstood technologies in recent times,” said Ravi Menon, managing director of the MAS, in a speech in Singapore on March 7.
Blockchain is one way of implementing distributed ledger technology (DLT). DLT is a decentralised database that is managed by
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on CBDC
Trump says ‘no’ to CBDCs
Digital asset schism between US and eurozone widens
BoE publishes design blueprint of digital pound
“No decision has been made” on whether to proceed with retail CBDC, central bank emphasises
Finland’s fintech head on retail CBDCs versus instant payments
Payments unit leader Aleksi Grym discusses overlaps and synergies for retail CBDCs and instant payment systems in Finland and the eurozone
Central banks ‘too slow’ on wholesale CBDCs, industry says
Report emphasises need for greater public-private collaboration and unified definition
BoE study suggests digital pound would be less private than cash
Report, conducted with MIT, says cryptographic techniques would not guarantee privacy
Majority have privacy concerns over CBDC – RBNZ survey
Findings show access to physical cash still important; private sector not meeting payment needs
CBDCs would reduce foreign exchange risk – LSE study
Adoption of digital currencies could mean lenders needing to hold less regulatory capital
BIS and World Bank find central banks split over retail CBDCs
Study says many institutions see value in launching fast payments systems first