The Central Bank of Singapore Investment chain block project

The Central Bank of Singapore Investment chain block project
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Singapore’s central bank is the monetary authority of Singapore, set up a recording system based on block chain, is a financial technology investment in $2.25 billion five years plan. The executive chairman of Ravi Global Technology Innovation Conference held at Menon in the June 29, 2015 Singapore speech initiative technology and innovation development of the financial industry.

The money will be used to fund the construction of the innovation center and high-tech projects, such as record keeping technology blockchain. He said, our goal is to attract high-tech start-up enterprise financial in Singapore. Slope of the establishment of the company, and for the establishment of “lay the foundation for intelligent financial center”.

During the speech, Menon said, bitcoin is reshaping the global financial innovation blockchain technology. He was sceptical about bitcoin prospects, pointed out that “digital currency is Peng The fast development remains to be seen, but he pointed out that if the virtual currency if successful, “we can not rule out the central bank to issue its own digital currency of the day”. Blockchain is the basis of bitcoin, he said, it could reshape the financial and legal environment: “including distributed ledger system such advantages: faster and more effective treatment; operation Lower cost; and has greater flexibility in preventing system failure.”

It is worth noting that the HKMA plans to promote innovative ways to regulate financial high-tech start-ups. Menon said, should not be restricted to startups, slow innovation, but warned The company said that the decision must be in the scope of regulation.

Menon also said that in the development of a company’s technology, the gray zone may fall into a regulatory situation, this project will be carried out under the supervision of the central bank. Including the so-called “limit set For example, the condition “during this period, time to determine the financial products for testing.

“Our goal is to create a safe environment for innovation, which can be included in the consequences of failure” said Menon.

$2.25 billion is funded by the Singapore government to stimulate greater innovation, as a part of the national financial sector. Menon said, MAS intends to simplify the accounting process, in order to reduce the cost and achieve 财务监控,让投资于教育活动和推广金融高新技术的初创企业参与更广泛。

“This innovation does not always mean high tech,” Menon concluded. “This is to design a better work flow, to create new business models, to provide higher development, more abundant Rich work, to better serve consumers.”

Menon speech is less than a year’s time, the digital currency has in the future financial “plays an important role”.

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