Today the Monetary Authority of Singapore (MAS) published a whitepaper proposing standards for digital money. The focus is on programmability, whether the underlying digital money is a central bank digital currency (CBDC), a tokenized bank deposit or a stablecoin. In all cases it envisions the use of distributed ledger.
MAS wrote the whitepaper in collaboration with the International Monetary Fund (IMF), Banca d’Italia, Bank of Korea, banks such DBS and JP Morgan, and FinTech firms.
It extends MAS’s previous work on Purpose Bound Money (PBM), where the simplest analogy is a voucher. Since MAS floated the PBM idea, multiple central banks have insisted that their future retail CBDCs will not be “programmable”.
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