Singapore is developing a wholesale central bank digital currency (CBDC) that would enable settlements of securities and payments among financial institutions, according to Sopnendu Mohanty, the chief fintech officer of the city-state’s finance watchdog.
In an interview with Cointelegraph, Mohanty said there is limited demand for a retail CBDC because the country’s payment system infrastructure already enables rapid, low-cost transactions among individuals, so the focus has been on a wholesale CBDC, and the project is moving forward quickly.
“I don’t think we need to do any more experiments on wholesale CBDCs,” said Mohanty. “Now, we should start thinking about going into production.”
Read more: https://asiatimes.com/2020/11/singapore-developing-wholesale-cbdc/
