Singapore is one of the nations that has led research into central bank digital currencies (CBDC) with its multi-phase Project Ubin. In a speech last week about financial cooperation between Singapore and Shanghai, Ravi Menon, the Managing Director of the Monetary Authority of Singapore (MAS), welcomed cooperation with the People’s Bank of China (PBoC) on digital currency.
He commented that the aim of Project Ubin was to reduce cross border payment costs, speed up settlement and ensure security. Concerning cooperating with the PBoC, Chinese media reported that Mr Menon said he looked forward to close cooperation with China in this area.
China is viewed as the most advanced major economy when it comes to CBDC. Its digital yuan is in the testing phase, and a screenshot of a screenshot of a wallet being used in trials was recently leaked.
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