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Singapore’ Central Bank Is Laying the Foundations for a CBDC It Doesn’t Think Is Needed: Report

Singapore’ Central Bank Is Laying the Foundations for a CBDC It Doesn’t Think Is Needed: Report

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The Monetary Authority of Singapore (MAS) is laying the technological foundations for a central financial institution digital forex (CBDC) in case it decides to challenge one, managing director Ravi Menon stated at the Singapore Fintech Festival.

  • However, the case for a retail CBDC will not be pressing, Menon stated in response to a report by the Straits Times Tuesday.
  • Menon stated the advantages of a digital Singaporean greenback from a monetary inclusionary perspective are “not compelling.”
  • A want to deal with the decline in money utilization is one in every of the main motivations by a few of central banks with extra superior CBDC plans, corresponding to China and Sweden, one thing Menon stated doesn’t apply in Singapore.
  • “A high proportion of Singaporeans have bank accounts, and electronic payments in Singapore are pervasive, highly efficient and competitive,” he stated.
  • Nonetheless, Singapore’s central financial institution and private-sector firms are constructing the technological infrastructure essential to launch a CBDC, ought to the island city-state determine to introduce one, Menon added. This is called “Project Orchid.”

Read extra: JPMorgan Report Says CBDCs Can Save Firms $100B a Year in Cross-Border Costs

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