{"id":196030,"date":"2023-11-17T05:39:29","date_gmt":"2023-11-17T05:39:29","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=196030"},"modified":"2023-11-17T05:39:29","modified_gmt":"2023-11-17T05:39:29","slug":"singapore-central-bank-to-trial-live-wholesale-cbdc-for-settlements","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/crypto\/singapore-central-bank-to-trial-live-wholesale-cbdc-for-settlements\/","title":{"rendered":"Singapore central bank to trial live wholesale CBDC for settlements"},"content":{"rendered":"

A pilot program for a live Singapore dollar-based central bank digital currency (CBDC) was unveiled by Singapore\u2019s central bank with a wholesale CBDC to be used by local banks for settlements.<\/p>\n

\u00a0\u201cI am pleased to announce that MAS will pilot the \u2018live\u2019 issuance of wholesale CBDCs to instantaneously settle payments across commercial banks,\u201d MAS Managing Director Ravi Menon said on Nov. 16 at the Singapore Fintech Festival.<\/p>\n

The MAS had previously only simulated the issuance of a CBDC in test environments, Menon said the central bank would soon partner with Singaporean banks to test using a CBDC as a settlement asset for domestic payments. <\/p>\n

As part of the test program, Menon explained banks will issue tokenized liabilities that represent claims on their balance sheets. Retail customers could use those tokenized liabilities to transact with merchants, which would be settled via an automatic transfer of a wholesale CBDC. <\/p>\n

The MAS had previously only simulated the issuance of a CBDC in test environments, Menon said the central bank would soon partner with Singaporean banks to test using a CBDC as a settlement asset for domestic payments. <\/p>\n

\u201cClearing and settlement thus occur in a single step, on the same infrastructure, unlike the current system in which clearing and settlement take place on different systems, and settlement occurs with a lag,\u201d he said.<\/p>\n

A wholesale CBDC is primarily used by central and commercial banks and other large financial institutions to settle payments. <\/p>\n

Related: <\/em><\/strong>Paxos to issue USD stablecoin in Singapore, wins initial approval<\/em><\/strong><\/p>\n

On Nov. 15, the MAS introduced five additional industry pilots to its financial infrastructure test program \u2014 dubbed Project Guardian \u2014 to assess various use cases around asset tokenization. <\/p>\n

The new partnerships saw the project expand from 12 to 17 members, now including major financial institutions such as BNY Mellon, HSBC, and Citi Group. <\/p>\n

<\/p>\n

On May. 1, the MAS and the New York Federal Reserve published the results of a six-year-long trial program of a CBDC\u2019s utility in cross-border payment, dubbed Project Ubin. The results showed that CBDCs were potentially useful in making cross-border payments more efficient and cost-effective. <\/p>\n

Magazine: <\/em><\/strong>Slumdog billionaire \u2014 Incredible rags-to-riches tale of Polygon\u2019s Sandeep Nailwal<\/em><\/strong><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A pilot program for a live Singapore dollar-based central bank digital currency (CBDC) was unveiled…<\/p>\n","protected":false},"author":4,"featured_media":196029,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nSingapore central bank to trial live wholesale CBDC for settlements - Tokens Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tokenstalk.info\/crypto\/singapore-central-bank-to-trial-live-wholesale-cbdc-for-settlements\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Singapore central bank to trial live wholesale CBDC for settlements - Tokens Talk\" \/>\n<meta property=\"og:description\" content=\"A pilot program for a live Singapore dollar-based central bank digital currency (CBDC) was unveiled...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tokenstalk.info\/crypto\/singapore-central-bank-to-trial-live-wholesale-cbdc-for-settlements\/\" \/>\n<meta property=\"og:site_name\" content=\"Tokens Talk\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-17T05:39:29+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/tokenstalk.info\/wp-content\/uploads\/2023\/11\/Singapore-central-bank-to-trial-live-wholesale-CBDC-for-settlements.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tokenstalk.info\/crypto\/singapore-central-bank-to-trial-live-wholesale-cbdc-for-settlements\/\",\"url\":\"https:\/\/tokenstalk.info\/crypto\/singapore-central-bank-to-trial-live-wholesale-cbdc-for-settlements\/\",\"name\":\"Singapore central bank to trial live wholesale CBDC for settlements - 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