With the Monetary Authority of Singapore (MAS), DBS Bank will experiment with the use of digital currency through smart contracts.
The integration process of digital currencies continues around the world. In particular, the intense interest of people in cryptocurrencies is effective in the entry of countries into the sector. Singapore, one of these countries, has been a close follower of cryptocurrencies and blockchain developments. The work carried out by MAS in Singapore is aimed at digitizing the official currency. The first phase of Project Orchid, the predecessor of this work, has been completed.
Singapore Focuses on Digital Currency
The city-state is focusing on potential uses of the Digital Singapore dollar. MAS took responsibility for the development of the Singapore dollar.
Having completed the research phase, MAS has started trials jointly with government and private institutions. One of them, Government Vouchers, will be run in partnership with DBS Bank. The bank will act in conjunction with the Open Government Products Division (OGP). They will try the use of digital money for payments made to randomly selected people.
Other experiments will also focus on categories such as Commercial Coupons, Government Payments, Managing Education Accounts. The live pilot will go live on a relatively small scale, with six merchants and 1,000 select consumers.
According to officials, these experiments will increase cash flow and save time. By using coupons, customers will be able to benefit from instant payments and collections of retail store windows.
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