CBDC Or Blockchain Powered Payment System?

17 Jul 2020 — #CBDC or #blockchain powered payment system? Forget the semantics, regardless, it’s currently a hot topic with many countries researching, if not already started testing.

This week the race of CBDC in SEA continues on as #ProjectUbin has finally concluded its experimental phase, and now starting its commercialisation effort.

From #Propine, our heartiest congratulations to Sopnendu Mohanty Damien Pang Wee Kee Toh Stanley Yong Pradyumna Agrawal James Gan Chia Hock Lai Monetary Authority of Singapore (MAS) Varun Mittal (海王•米塔尔) वरुण Naveen Mallela Umar Farooq Andrew Koay and many more…

The aim of Project Ubin is to evaluate the implications of having a tokenized form of the SGD on a DL and its potential benefits to Singapore’s financial ecosystem i.e. cut cross-border payment and settlement costs, reduce settlement time, and ensure transaction security.

Recent article by Shiraz Jagati in Cointelegraph stated that Project Ubin can lay the financial blueprint for countries looking to explore crypto tech in a fully regulated manner.

It doesn’t matter whether the aim is to have a digital currency or not, the realisation of central banks in exploring blockchain payment system is significant and will have far-reaching implications for future economies.

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