Meanwhile, over in Hong Kong, having completed their wholesale CBDC trials, a working group has been set up by the Hong Kong Monetary Authority (HKMA) to study the technology and regulatory issues from introducing an e-Hong Kong Dollar.īack home in Singapore, the Monetary Authority of Singapore (MAS) is also embracing CBDCs as well. However, Sopnendu Mohanty, the Chief Fintech Officer of MAS was reported saying that there is a limited demand for a retail CBDC given that the existing payment infrastructure already enables people to transfer money rapidly and at low cost. Singapore has chosen to focus on wholesale CBDCs instead.įor Singapore, the journey began back in November 2016, when MAS announced a partnership with a consortium of financial institutions and R3, a blockchain technology company.
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