The Monetary Authority of Singapore (MAS) has published a white paper on the use of digital currencies, which includes CBDCs and stablecoins.
Digital asset and blockchain initiatives are underway in Singapore. MAS has published a Money Purpose (PBM) whitepaper, addressing a common protocol in which digital assets can also be used.
The PMB protocol published by MAS helps determine the conditions for digital money transfers. In this way, it is aimed to eliminate the shortcomings on CBDC and stablecoins.
Digital Asset Steps in Singapore
The Monetary Authority of Singapore (MAS) has published a white paper on Money Purpose (PMB).
The introductory letter prepared by MAS on PMB was prepared in collaboration with names from the industry such as the International Monetary Fund and the Bank of Korea. With global support, MAS examines the appropriate use cases of many digital assets, particularly CBDCs and stablecoins.
MAS Chief Fintech Officer Sopnendu Mohanty stated that these initiatives will improve user experiences for digital assets. The PMB will help set standards on digital assets, including CBDCs, tokenized bank deposits and stablecoins.
Singapore is trying to get a foothold in the growing blockchain and digital asset adoption in Asia.
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