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<ul class="news-points"> 
 <li>The MAS released a white paper proposing a common protocol for using cryptocurrencies on a distributed ledger.</li> 
 <li>The PBM protocol allows users to specify conditions while transferring digital currencies across various systems.</li> 
 <li>The protocol is expected to enhance the use of digital money, improving user experience.</li> 
</ul> 
The Monetary Authority of Singapore (MAS), Singapore’s financial regulatory authority issued a proposal of a common protocol for the use of cryptocurrencies on a distributed ledger. The MAS released the Purpose Bound Money (PBM) white paper in collaboration with international monetary organizations, financial institutions, and FinTech platforms, providing insights into the technical specifications of the protocol. 
The authority released the white paper with the intention of introducing PBM, the concept of enabling money “to be directed towards a specific purpose, without requiring money itself to be programmed”. The system is designated to allow the transfer of digital currencies under specified conditions across different systems. 
According to the proposal, the users are required to use a common protocol during the use of digital assets incl…
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Singapore Regulators Propose a Common Protocol for Cryptocurrencies

Coin Edition

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