The Monetary Authority of Singapore (MAS) has announced a pilot program for a Singapore Central Bank Digital Currency (CBDC) for bank settlements. This marks a shift from previous simulations to real-world trials with local banks, aiming to enable instant settlement of payments among commercial banks using the CBDC. Unlike Singapore, the US has been less active in pursuing its digital dollar plans, citing risks of disrupting existing financial structures and losing monetary autonomy. However, the Bank of America believes that blockchain technology could revolutionize global financial systems. Europe is also preparing for the digital euro, with the European Central Bank emphasizing offline capabilities, high privacy, and instant settlements. Latin America and Asia-Pacific countries like Argentina, Brazil, Australia, China, India, Japan, and Nepal are also exploring or piloting their own CBDCs. While some countries have already implemented retail CBDCs, only 12 countries have officially launched digital versions of their fiat currencies. The global market size of CBDCs is projected to reach 213 billion by 2030.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇸🇬 🇺🇸 🇨🇠🇦🇷 🇧🇷 🇨🇳 🇮🇳 🇯🇵 🇳🇵 🇯🇲 🇳🇬 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Ravi Menon, Binur Zhalenov, None |
| Companies | Bank of America, Monetary Authority of Singapore (MAS), European Central Bank, Reserve Bank of Australia, Swiss National Bank (SNB) |
| Currencies | CBDC, Chinese Yuan, US Dollar, Brazilian Real, Euro |
| Securities | None |
