Singapore’s central bank to complete the digital currency test

Singapore’s central bank to complete the digital currency test

Singapore’s central bank has completed to interbank payment books distributed test.

The monetary authority of Singapore (MAS) was announced in November and the R3 bank alliance and many members of the bank for this test, it is said that the participants also includes the development of Singapore credit, Bank of America and HSBC, JP Morgan etc.. According to the bank statement, the goal is to test for the development of the digital currency interbank payment Singapore yuan.

MAS said the officials will issue a more comprehensive test report, although did not provide a specific release date.

According to the central bank’s statement, will draw the first test technology and experience to plan further testing.

MAS said:

“MAS has planned two spin off project, they will use the internal bank payment project experience. The first project is funded by the Singapore Exchange (SGX) driven, committed by distributed technology books to fixed income securities trading and settlement cycle is more efficient. Second projects focus on new methods in using central bank digital currency cross-border payment.”

As part of the second test, MAS said the payment system has been discussed to use Singapore’s connections to other countries, the use of block chain technology to manage these transactions.

It is worth mentioning that, MAS’s chief financial officer SopnenduMohanty said the technology between the central bank and several other banks research and testing has been derived from the iterative testing of other banks.

Also, some agencies also because this cooperation has been inspired to begin to study other projects. We hope our project can proceed to the next stage of securities clearing and cross-border payment application development and testing.”

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