The Monetary Authority of Singapore (MAS) and DBS Group, one of the country’s largest banks, have launched a pilot to test the use of digital currency in the country.
The work carried out by MAS in Singapore is aimed at digitizing the fiat currency. DBS, which has come to the fore with its close follow-up on cryptocurrencies, will work with the state on the digitization of Singapore fiat money. pilotingmanaged by MAS, which aims to provide a programmable digital Singapore dollar Orchid ProjectIt will come to life as a part of. While DBS issues digital Singapore dollars, Open Government Products (OGP) will make the smart contract capabilities available to the project.
Creating and using a digital fiat currency is being tested by many governments around the world. At this point increase cash flow, make it easy to use and save time on administrative cross-border assignments benefits such as DBS to help with the negative effects of this pilot implementation of rising inflation and rising cost of living Community Development Council He claims it could be helpful to his plan.
This pilot project, which has completed the idea stage, is in the first stage. six merchants and 1,000 select consumers It is planned to be implemented on a relatively small scale. However, DBS has expanded its crypto service with its breakthrough at the end of September. to 100,000 new users It was stated that he intended to deliver.