Will Singapore Join Other Nations & Launch A National Cryptocurrency?
It seems that more and more countries are experimenting with cryptocurrencies in one way or another. Tunisia rolled out its E-dinar a few days ago, China is experimenting with a digital currency called DCEP, and many are guessing which nation might be next.
That nation might be Singapore.
Monetary Authority of Singapore Unveils Blockchain Based Prototype
The Singapore FinTech Festival & Singapore Week of Innovation and TECHnology have coincided in the Asian city-state. With it many ground-breaking innovations are being showcased and tested. One of innovations was introduced by the Monetary Authority of Singapore (MAS).
The MAS have collaborated with both the banking conglomerate JP Morgan and Temasek, a Government-owned investment company. The three have combined their efforts to create a prototype blockchain which allows cross border payments in multiple currencies. The prototype is called Ubin and is currently in its fifth phase. A report is due in 2020 regarding the success of Ubin.
@MAS_sg has led the successful development of a blockchain-based prototype for multi-currency payments. This marks the latest milestone for Project Ubin, which is into Phase 5. #blockchain #SGFinTechFest #SFFxSWITCH Read: https://t.co/trxmFpnpsI pic.twitter.com/0sIHPHn6fO— MAS (@MAS_sg) November 11, 2019
"There is growing evidence now that blockchain-based payments networks are able to enhance cost efficiencies and create new opportunities for businesses," said MAS Chief FinTech Officer Sopnendu Mohanty. "We hope this development will encourage other central banks to conduct similar trials, and we will make the technical specifications publicly accessible to accelerate these efforts"
It is unclear whether project Ubin will serve as a national cryptocurrency in the future or will only be used by financial institutions.
Only one thing is clear, more and more governments & institutes are taking note of blockchain technology & cryptocurrencies.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado