It’s all about investing in technology
Jamari Mohtar | 01 Sep 2017 00:30
While one would expect the custodians of fiat money, that is, banks and central banks in particular, to oppose the existence of crypto currencies – the most famous being bitcoins – the irony is they are actually seeing opportunities in these cryptos, especially in the underlying distributed blockchain ledger technology behind their creation.

The Monetary Authority of Singapore (MAS), the republic’s central bank and financial regulatory authority, is embarking on a project to evaluate the implications of a tokenised Singapore dollar (SGD) on an ethereum-based blockchain distributed ledger with potential benefits to its financial ecosystem.

The objective is to develop a peer-to-peer payment system prototype using distributed ledger technology (DLT) in which bank users can exchange currency with one another without lengthy processing times, expensive processing fees, or intermediaries.

Subscribe to latest issues or Log In