MAS: Blockchain Has Potential For Cross-Border Payments

MAS or the Monetary Authority of Singapore and the chief fintech officer Sopnendu Mohanty said that the blockchain has the potential for cross-border payments. However, the agency doesn’t believe in retail bank digital currencies and we are about to find out more in the latest cryptocurrency news below.

Mohanty expressed his stance during the Blockchain in Business event at the Massachusetts Institute of Technology a couple of days ago. He also revealed that back in 2016, the policymakers weren’t quite sure of the real meaning of what blockchain is and so the Monetary Authority of Singapore (MAS) and Singapore’s central bank decided to give the technology a shot in order to better understand it.

The MSA revealed a whole lot of varieties of how the blockchain technology can be used and gathered a portfolio of use cases including how to use the technology in organizing payments in the banking system. It also discovered how the settlement payments can be done against securities as well as how to conduct cross-border payments according to Mohanty.

Sopnendu Mohanty continued his explanation that the agency did recognize the benefits and the gains of the blockchain technology but it failed to see a future for the retail bank digital currencies. For example, he referenced the Singaporean central banks and Canada as having successfully using the blockchain technology and grown networks to send each other digital currency. While commenting on the development as we can see in the coming altcoin news, he stated:

 “The next wave of central bank blockchain projects can make further progress by bringing technology exploration together with policy questions about the future of cross-border payments.”

Back in January, the Monetary Authority of Singapore (MAS) sent multiple warnings to the public against alleged crypto scams which claimed that a cryptocurrency was finally adopted by the Singaporean government. After reporting on the crypto scam, the agency also issued warnings to the public about common problems that occur while investing in cryptocurrencies or digital tokens. Mohanty was the one to emphasize that crypto investments are always associated with high risks.

Also, it is important to remind you that the crypto payments pilot test between the Bank of Canada and the Monetary Authority of Singapore (MAS) was successfully conducted of the central bank-backed crypto assets.