Singapore Trials Digital Dollars On The Ethereum Blockchain

Singapore Trials Digital Dollars On The Ethereum Blockchain

Singapore`s central bank has trialed digital tokens of the national currency on a private Ethereum blockchain. The recently published report by the

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Singapore`s central bank has trialed digital tokens of the national currency on a private Ethereum blockchain.

The recently published report by the Monetary Authority of Singapore (MAS), gives more information about the Project Ubin, the one that trials a tokenized form of the Singapore Dollar (SGD) on a distributed ledger platform.

“This project represents a significant opportunity for Singapore’s ecosystem to establish leadership in the area of DLT research and development, in line with Singapore’s broader goal of becoming a Smart Financial Centre.”, as page 6 of the report stated.

The initiative is reportedly started by Singapore`s central bank and its business partners from the blockchain consortium R3.

The experiment was first officially announced on November 16 2016, as mas.gov.sg wrote at the time.

“The project will develop a pilot system in which Blockchain infrastructure is used to issue and transfer funds among participants.”, as the press release said.

“In short, Blockchain technology has the potential to make financial transactions and processes more transparent, resilient and at lower cost. The outcomes from the project will provide guidance on future projects such as cross border payments, automation of securities issuance, trading and settlement using Blockchain technology. This will also help MAS and the industry to develop simpler to use and more efficient alternatives to today’s systems.”, as MAS explained.

Some of the participating R3 members are said to include the Bank of America Merrill Lynch, The Bank of Tokyo-Mitsubishi UFJ, Ltd, Credit Suisse, DBS Bank Ltd, The Hongkong And Shanghai Banking Corporation Limited, JP Morgan, OCBC Bank, Singapore Exchange, United Overseas Bank and BCS Information Systems.

“Payments and the representation of fiat currency on Blockchains is a potentially significant use case for distributed ledger technology and we firmly believe that partnership between regulators, central banks and the financial services sector will accelerate solutions to maturity.”, as Tim Grant, CEO of R3’s Lab, said, as quoted by cryptocoinnews.com.

Recently, R3 has reportedly announced a launch of a blockchain lab in Singapore. It is to be established in collaboration with the MAS and is hoped to turn into the leading start-up hub, focusing on distributed ledger technology (DLT), on the continent.

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