Singapore Exploring Central Bank Digital Currency With China
Central bank digital currency is one of the leading topics in the world right now. Many countries are already making moves to ensure they are well-positioned for the new age. One of such countries hoping to join the CBDC bandwagon is Singapore.
Singapore’s central bank and financial authority is seeking to partner with China in the area of central bank digital money.
Ravi Menon, the managing director of the Monetary Authority of Singapore, has come out to say that the country is ready to partner with China in relation to digital currencies.
According to Menon, China has already set the foundation thanks to the development of its central bank digital currency. Singapore is looking at the option of blockchain-based CBDCs, and the nation is preparing to exchange vital knowledge with China.
Menon added that the CBDC is a trending topic, noting that the central bank of both nations is carrying out talks to develop various CBDC scenarios. According to Menon, the primary reason for developing a CBDC project is to facilitate cross-border payment and settlement costs. He also hopes it will reduce settlement time and reinforce transaction security.
Menon mentioned Facebook’s Libra as the main opposition to CBDC. However, the fact the project is taking time to get off the ground might just be an advantage to the global central bank system.
China has been pulling all the stops to ensure it launches its CBDC, the digital yuan ahead of Facebook’s Libra. China has already started testing the currency in various cities, and there are even talks that the currency will rival the US dollars, and Facebook’s Libra.
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