Singapore Regulator Recognizes Possible of Blockchain to Get Cross-Border Payments
“The next wave of bank blockchain jobs can make additional progress by bringing technology exploration together with policy questions regarding the potential for cross-border payments”
Mohanty revealed back in 2016, policy makers did not have a thorough understanding of what blockchain is, so the MSA — Singapore’s central bank — chose to experiment to understand it.
Released at Sat, 04 May 2019 01:35:00 +0000
In January, the MAS cautioned the people against an alleged fraud, which maintained the authorities officially adopted a cryptocurrency. The MAS also cautioned the public from the announcement about common problems in investing in digital tokens or cryptocurrencies, highlighting that such investments are associated with higher risk Aside from reporting about the newest crypto scam.
He continued , while the bureau came to realize it didn’t observe a compelling future for retail bank currencies.
For example, Mohanty referenced the central banks of Canada and Singapore having used their blockchain systems to ship each other currency. Commenting on the growth, Mohanty said
Sopnendu Mohanty, Chief Fintech Officer of the Monetary Authority of Singapore (MAS), said that blockchain has possible for cross-border payments but the agency”does not see far” in retail digital currencies. His comments were delivered by mohanty in the Massachusetts Institute of Technology on May 2 at the Blockchain at Business event.
The MSA has learned a variety of blockchain-related use cases, including to run payments, in addition to how to deploy the technologies to arrange payments from the banking system, settle payments against securities, said Mohanty.