Singapore considers CBDC

Singapore has taken May steps toward digitalization, and it has recently been reported local government is going to collaborate with China on developing Central Bank Digital Currency

Promoting the ecosystem of digital currencies

Chinese CBDC, known as Digital Currency Electronic Payment, (DCEP) is intended to replace physical money in the country.

Man Venneng, the director of Monetary Authority of Singapore, reported that the country’s project may benefit from PRC progress in such project.

He said, “People’s Bank of China is actively working at this project. Singapore and PBC have a lot of exchanges, so both sides are discussing CBDC implementation scenarios”.

The expert has also mentioned that MAS provides “a real opportunity” to study the asset but the country has no immediate need for such digital currency. When it comes to retailing, there are also some experiments being held currently, and they require further researches before taking some serious steps.