The discussions on central bank digital currencies (CBDCs) are now becoming commonplace in today’s blockchain ecosystem. With growing interests among central banks around the world in developing their own digital currencies, the paradigm on the future of blockchain technology has shifted with notable promises.
Singapore has joined its Asian counterparts, like Hong Kong, South Korea, Japan, and others in a central bank-backed digital currency project in conjunction with China. The Singaporean CBDC project is dubbed Project Ubin and it aims at deploying blockchain and Distributed Ledger Technology for the settlement of payments and financial securities.
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