Today the
Monetary Authority of Singapore (MAS) announced it has completed a test of blockchain-based payments involving multiple currencies developed with JP Morgan and government-owned conglomerate Temasek. This is part of phase five of
Project Ubin by MAS, a groundbreaking multi-year exploration of blockchain and Central Bank Digital Currencies.
The latest round of tests involved more than 40 institutions, same of them non-financial firms. The aims are to explore the commercial viability of the network as well as some specific features. These include the ability to enable multiple blockchain networks to interoperate.
Plus applications are being trialed such as the instant settlement of securities trades or Delivery versus Payments for private exchanges. Also for securities trading, conditional payments and escrow were tested. Additionally, the experiments involved trade finance and payment commitments in particular.
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