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 <p class="is-style-lead">The Monetary Authority of Singapore (MAS) is set to launch a live <a rel="noopener noreferrer nofollow" title="pilot" href="https://thebittimes.com/tag/pilot.html">pilot</a> of a CBDC for wholesale <a rel="noopener noreferrer nofollow" title="interbank" href="https://thebittimes.com/tag/interbank.html">interbank</a> <a rel="noopener noreferrer nofollow" title="settlements" href="https://thebittimes.com/tag/settlements.html">settlements</a>, marking a significant step in the integration of digital currencies into mainstream banking operations.</p>
 <p>The Monetary Authority of Singapore (MAS) has announced plans to implement a live central bank digital currency (CBDC) for wholesale interbank settlement in 2024.</p>
 <p>This initiative marks a departure from theoretical situations, because it involves using a real CBDC for transactions between commercial banks. This project is part of the Orchid Blueprint, a framework developed by the MAS for this purpose.</p>
 <p>The Orchid Blueprint outlines the creation of a <a rel="noopener noreferrer nofollow" title="settlement" href="https://thebittimes.com/tag/settlement.html">settlement</a> ledger for recording digital money transfers, which will include <a rel="noopener noreferrer nofollow" title="Category Features" href="https://thebittimes.com/features.html">Features</a> for programmability and instantaneous <a rel="noopener noreferrer nofollow" title="settlement" href="https://thebittimes.com/tag/settlement.html">settlement</a> of digital tokens.</p>
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 <p>Additionally, it proposes the development of a “Name Service” for easier identification of wallet addresses. The plan also covers experimenting with tokenized bank liabilities and regulated stablecoins.</p>
 <p>A notable component of the blueprint is the introduction of “purpose-bound money” (PBM), a concept that allows for the programming of digital currency for specific uses. This could lead to automated transactions and predetermined conditions for the use of the digital money.</p>
 <p>This announcement comes alongside news that Paxos Digital Singapore Pte. Ltd. has received preliminary approval from MAS to launch a USD-backed stablecoin in Singapore.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/singapore-s-central-bank-to-pilot-live-cbdc-for-interbank-settlements-tbt70595.html">https://thebittimes.com/singapore-s-central-bank-to-pilot-live-cbdc-for-interbank-settlements-tbt70595.html</a></p>

Singapore’s Central Bank to pilot live CBDC for interbank settlements

TheBitTimes

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