Singapore to Explore Central Bank Digital Currency With China

Central banks are both actively exploring the latest development of digital currencies. Speaking at a financial forum in Shanghai last week, Ravi Menon, the managing director of the Monetary Authority of Singapore, said CBDC is currently a very hot topic and highlighted China’s progress in developing its CBDC. Menon said Singapore and China are having very frequent exchanges, both are discussing various CBDC development scenarios

Menon said the reasons for developing CBDC may vary with different countries, he emphasized that the main goal of Singapore’s CBDC project is to cut the cost and time of cross-border payment and settlement, and ensure transaction security.

Since late 2016, the Monetary Authority of Singapore has been working on its blockchain-powered interbank payment project. In 2018, it announced the “Project Ubin”, which explore the use of blockchain for clearing and settlement of payments and securities.

Besides, the National Bank of Cambodia (NBC) released the white paper of its upcoming blockchain-based payments system dubbed ‘Project Bakong’ in last week. The central bank said Bakong allows Cambodians to pay via QR codes and a mobile app, which will help to challenge the dollar’s reign.