Singapore’s Central Bank Bring Blockchain Adoption For Cross-Border Payments

Singapore’s financial authority MAS will explore the use of blockchain technology through the use of CBDCs. They will use multiple CBDCs for remittances services. 

The Monetary Authority of Singapore (MAS), central bank, is set to roll out the blockchain based Central Bank Digital Currency to bring efficiency in the remittance of payments. 

Under the partnership of the Bank of International Settlements (BIS), MAS is working on the Dunbar project. 

Earlier this, MAS already did an experiment on the Dunbar project where they successfully tested the working of their project to facilitate payment related transactions. Right now, MAS will follow the previous experiment done on the Dunbar. 

As per reports, MAS successfully did a transaction between Singapore & d Banque de France with the use of CBDCs developed by their own under the BIS authority. So the trial of successful CBDCs based transactions for the cross border payment is already done. In that transaction they did a transaction where they converted Singapore Dollar (S$) CBDC to a Euro (EUR) via Quorum with very high speed. 

BIS also shared their thoughts on this project development. They said that the main goal to develop this project is to bring a huge efficient, cost-effective, and accessible cross-border payments platform. 

According to BIS, if they will get 100% success on the project Dunbar. Then they will be able to connect multiple central banks together. And that will give a facility for all the banks to make cross border payments transactions easily with very high efficiency. 

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