Singapore to trial tokenized bills, bring in stablecoin laws, central bank chief says
Singapore is set to trial tokenized bills to digitize paper money, as part of plans to strengthen the country’s digital payment system, according to the central bank chief.
Regulatory Framework
The Monetary Authority of Singapore (MAS) will also introduce new laws to regulate stablecoins as part of efforts to adapt to the changing financial landscape.
Enhancing Payment Systems
This move is aimed at modernizing payment systems and will involve collaborations with financial institutions to ensure a smooth transition to these digital forms of currency.
Future of Finance
The implementation of these initiatives signals Singapore’s commitment to staying ahead in the financial technology space and embracing innovations that could shape the future of finance.
SINGAPORE — Singapore’s central bank will hold trials to issue tokenized MAS Bills next year and bring in laws to regulate stablecoins as it presses forward with plans to build a scalable and secure tokenized financial ecosystem, the bank’s top official said on Thursday.
“Tokenization has lifted off the ground. But have asset-backed tokens achieved escape velocity? Not yet,” said Chia Der Jiun, managing director of the Monetary Authority of Singapore (MAS), a keynote address at the Singapore FinTech Festival.
He said MAS has been working on the details of its stablecoin regulatory regime and will prepare draft legislation, with the emphasis on “sound reserve backing and redemption reliability.”
MAS is also supporting trials under the Bloom Initiative, which explores the use of tokenized bank liabilities and regulated stablecoins for settlement, he added.
“In the CBDC space, I am pleased to announce that the three Singapore banks, DBS, OCBC, and UOB, have successfully conducted interbank overnight lending transactions using the first live trial issuance of Singapore dollar wholesale CBDC,” he said.
A CBDC, or central bank digital currency, is a digital form of central bank money.
MAS will expand trials to include tokenized MAS Bills settled with CBDC, he added.
Mr. Chia said a regulatory guide on tokenized capital markets products will be published this week, and MAS is working with international counterparts to align standards and support adoption. — Reuters
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