Singapore central financial institution to trial stay wholesale CBDC for settlements

A pilot program for a stay Singapore dollar-based central financial institution digital foreign money (CBDC) was unveiled by Singapore’s central financial institution, which goals to have the CBDC utilized by native banks for settlements.

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

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