As the cryptocurrency news today show, the Monetary Authority of Singapore is officially ready to deploy its multi-currency blockchain payments project for commercial use. The Singaporean authorities just announced that their blockchain payments platform (Project Ubin) is complete and finally ready for commercial launch.
Meanwhile, we can also see that the Monetary Authority of Singapore (MAS) first undertook the Project Ubin in 2017 and had plans to first develop a digitized Singapore dollar (SGD). However, the next steps involved exploring blockchain and distributed ledger technology as well as building a system for the clearing and settlement of payments and securities using digital SGD.
As the blockchain payments platform was being finalized, the MAS worked in collaboration with the major investment company from Singapore named Temasek and the American investment bank JPMorgan.
In this manner, MAS had successfully completed the development of this payments network prototype in November 2019. Since then, the authority has been testing the system for its ability to function smoothly with other commercial blockchain applications.
As the official announcement by MAS reads, the Singaporean blockchain payments platform will provide an interface for “other blockchain networks to connect and integrate seamlessly.” Among the other use cases, this system will also allow for faster and cheaper cross-border payments in multiple currencies, foreign currency exchange, as well as settlement of currency-denominated securities as Reuters reported in the blockchain news.
Another interesting thing is that last month, the managing director of MAS, Ravi Menon, stated that the country was planning to work in close collaboration with China to experiment with a central bank digital currency.
Aside from the government-backed blockchain projects, the private sector in Singapore is also booming with blockchain and crypto innovation – we can see a substantial 50% growth in the number of blockchain companies across the country. In times when blockchain talent is also in demand, the country is already innovating the field with many interesting projects on the horizon.
In addition to this, recent reports showed that the government in Singapore has decided to relieve many crypto-related organizations from regulatory pressure, which is another step in the right direction for crypto adoption in the country.
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