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Singapore Is Ready To Produce Its Own Wholesale CBDC, Chief Regulatory Official Says
Summary: Sopnendu Mohanty, chief FinTech officer at Singapore’s central bank and financial regulator, Monetary Authority of Singapore said that the nation is ready to launch its own central bank digital currency in an interview with Cointelegraph. He added that there is not high demand for a retail CBDC in Singapore since existing payments infrastructure allows for ...
Sopnendu Mohanty, chief FinTech officer at Singapore’s central bank and financial regulator, Monetary Authority of Singapore said that the nation is ready to launch its own central bank digital currency in an interview with Cointelegraph.
He added that there is not high demand for a retail CBDC in Singapore since existing payments infrastructure allows for fast and cheap payments. However, the nation is focused on creating a wholesale CBDC to be used to facilitate settlements of securities and payments among financial institutions.
Mohanty said the experimention phase with wholesale CBDCs is over and that they now need to start thinking about production. He went on to say that a clear regulatory framework and openness to innovation makes Singapore an ideal location to operate cryptocurrency businesses.
By Emily Mason
Tags: CBDC,Central Bank Digital Currency,Singapore
Link: Singapore Is Ready To Produce Its Own Wholesale CBDC, Chief Regulatory Official Says [Copy]
