Singapore Monetary Authority ( MAS) with DBS Bankwill 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. one of these countries Singaporecryptocurrencies and blockchain was a close follower of its developments. The work carried out by MAS in Singapore is aimed at digitizing the official currency. The premise of this study Project OrchidThe first phase of has been completed.
Singapore Focuses on Digital Currency
City state, Digital Singaporefocuses on potential uses of the 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. Bank, Open Government Products Division ( OGP ) will move with. They will try the use of digital money for payments made to randomly selected people.
Also, in other experiments, Commercial Coupons, Government Payments, Managing Learning Accounts Categories will also be considered. live pilot, six merchantsand 1,000 select consumerswill be implemented on a relatively small scale.
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.
