The Monetary Authority of Singapore (MAS) has outlined the first steps of its investigation of Project Orchid of the Retail Banking Digital Currency (CBDC), according to a white paper published Oct. 31. It also found that do not have ‘Urgent case’ for small CBDCs in Singapore, but studysawto the necessary infrastructure in case of need It also set out new concepts for digital currency and drew large Singapore banks and government agencies into research through a series of experiments.
Singaporean consumers There is no need for a retail CBDC at present. Because of the high quality service that already exists
“Electronic payments in Singapore are everywhere. And both households and companies in Singapore can now make digital transactions fast, secure and seamless. […] The case of a retail CBDC in Singapore may strengthen over time. Especially if the use of innovation is emerging or there are signs it is gaining attention as a local medium of exchange.”
MAS uses the concepts of programmable payment (“automated execution of payments when pre-defined conditions are met”) and programmable money (“rules within the medium of exchange that dictate or limit their use”) to generate purpose-bound money ( PBMs)
Four trials will be conducted at the Singapore FinTech Festival from 2nd to 4th November.
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