The trial is part of Project Orchid, which is led by the Monetary Authority of Singapore (MAS) and intends to allow a programmable digital Singapore dollar. DBS will issue digital Singapore dollars, and Open Government Products will enable smart contracts.
Orchid is a project aiming at creating the technology infrastructure required to introduce a programmable digital Singapore dollar (DSGD).
The MAS is in charge of Project Orchid, which brings together the government and important stakeholders in the payments and banking industries.
The trial is proof of the practicality of programmable money and its potential advantages to the payments system, according to Shee Tse Koon, Singapore Country Head of DBS. He said:
“This solution could help businesses and NGOs leapfrog into the future of money. ‘Purpose bound money’ will be immensely transformative especially when governments, businesses and individuals come together with a collective vision to adopt the use of digital money on inter-connected networks to realise a fully transparent and efficient global financial infrastructure for payments.”
The live trial will begin with six retailers and 1,000 selected consumers.
DBS argues the experiment might help the Community Development Council voucher system deal with the negative consequences of growing inflation and rising living costs, citing rapid payouts and eliminating backend administration.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
George Town, Grand Cayman, 22nd November 2024, Chainwire
Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…
Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…
Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…
Discover the success story of a New York tech entrepreneur who made $72M from a…
Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…
This website uses cookies.