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Would you use digital currency issued by MAS?

Would you use digital currency issued by MAS?

The monetary authority of Singapore so it’s looking at making the digital Singapore dollar more accessible for the general population it hopes that technology will also drive more innovation in the financial markets to achieve this it’s starting two new trials on government payouts and credits in the first half of the Year Michelle.

Told us more about the potential of this technology Andrew Lim is what’s known as a crypto native his pet food store Kibbles accepts cryptocurrency payments however the payment method makes up only one percent of the store’s total transactions for e-commerce firms there’s a 3.5 to 4 percent of credit.

Card fees that we have to pay to the credit card companies so for cryptocurrencies uh the fees will be significantly lesser than that so that helped us to save some money now along with lower transaction fees paying with cryptocurrencies also comes with more security as third party verification isn’t required but as the Central Bank.

Warns that these cryptocurrencies are highly volatile in nature it’s choosing to take a different path with what it calls a purpose-bound digital Singapore dollar a trial for the purpose-bound digital currency kicked off at the Singapore fintech Festival in November the funds issued then were only valid for use at selected stalls during the.

Festival and customers didn’t have to worry about the expiration dates for their vouchers from a merchant perspective similarly they do not have to check the validity of the vouchers and they would be able to receive money instead of having to wait for a few days it’s also explored explore money in other.

For example for children to use get money only at their School’s bookstore and canteen offer Banks to release mortgage loans only when particular parts of a home have been completed but first the central bank is looking to put in additional controls like those against money laundering some of the measures that we’ve looked at is.

The digital Readiness of the potential Target recipient of additional Singapore dollar what are the additional user protection and also the education that’s needed in order to be able to facilitate the use of digital Singapore dollar for the purposes of not just a specific segment of the population but for the the broader.

Segment of the of population in Singapore in the the two trials being rolled out in the New Year the first will pay out funds from the government agencies like the central Provident fund board but recipients will need a bank account to get the money the second trial will test how skills future credit can be automatically released to.

Participating training providers but only when eligibility conditions are met this will also help to prevent abuse

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