DLT set to make central banks ‘obsolete’ as payment operators – report
Second phase of MAS’s Project Ubin deemed a success
Central banks could become “obsolete” as payment operators if distributed ledger-based RTGS systems prove successful, according to a report published by the Monetary Authority of Singapore on November 13, regarding the second stage of its DLT initiative, Project Ubin.
MAS embarked on the project to examine the benefits of DLT in the payment area in 2016. The first phase involved the central bank working with distributed ledger start-up R3, Deloitte and a consortium of large banks to launch “a
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