Singapore In Discussion With People’s Bank of China On CBDC 

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • The Monetary Authority of Singapore reported today that it is working with the People’s Bank of China on CBDC application.
  • In recent years, Central Bank Digital Currency (CBDC) was popular in the financial market.
  • Besides this, Menon praised China’s dynamic efforts in this field.

The Monetary Authority of Singapore reported today that it is working with the People’s Bank of China on CBDC application. The Managing Director of Monetary Authority of Singapore, Ravi Menon during a conversation the 12th Lujiazui Forum held in Shanghai uncovered that CBDC is a famous buzz in the market nowadays.

Central Bank Digital Currency is the popular topic these days

In recent years, Central Bank Digital Currency (CBDC) was popular in the financial market. In certain territories, physical cash is very unprecedented. This could be achieved without rolling out any changes to the current electronic money frame.

However, The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBoC) are looking to set up designated banks in Singapore. In order to, offer custody and trading services for worldwide speculators in China’s bond market.

The Managing Director Praised China For Its Efforts

Other than this, Menon praised China’s dynamic efforts in this field. According to him, notwithstanding the distinction in goals. Nations should concentrate on where to apply this new idea at the same time.

Besides, he also referenced Libra, saying this is a significant challenge to the worldwide central bank framework. However, its adaptability and ability to follow regulators’ advice. Make it conceivable to put advance dealings among Libra and governors.

Recently, the Monetary Authority of Singapore (MAS) has shortlisted up to five digital bank licenses on offer in the city’s greatest banking progression. According to MAS, out of the 21 applications received, involves five digital full bank candidates. And nine digital wholesale bank candidates who will now move to the next round of the selection procedure.

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