Singapore central financial institution to trial dwell wholesale CBDC for settlements

A pilot program for a dwell Singapore dollar-based central financial institution digital forex (CBDC) was unveiled by Singapore’s central financial institution with a wholesale CBDC for use by native banks for settlements.

“I’m happy to announce that MAS will pilot the ‘dwell’ issuance of wholesale CBDCs to instantaneously settle funds throughout business banks,” MAS Managing Director Ravi Menon stated on Nov. 16 on the Singapore Fintech Pageant.

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