Singapore, 31 October 2022 – The Monetary Authority of Singapore (MAS) released today a report detailing potential uses of a purpose-bound digital Singapore dollar (SGD) and the supporting infrastructure required, marking the successful completion of Phase 1 of Project Orchid
A digital SGD can take different forms:
- a retail Central Bank Digital Currency (CBDC), which is the digital equivalent of today’s notes and coins issued by MAS; or
- privately issued money, which could include tokenised bank deposits or securely backed stablecoins.
While MAS has assessed that the case for a retail CBDC in Singapore3 is not compelling for now, it continues to actively explore good use cases for digital currencies. Project Orchid aims to build the technical capabilities and competencies necessary for MAS to issue a retail CBDC, should the need arise.
Phase 1 of Project Orchid explored the concept of purpose-bound digital SGD (purpose- bound money, or PBM, for short). PBM enables senders to specify conditions, such as validity period and types of shops, when making transfers in digital SGD.
by : on 2022-10-31 04:15:00
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