Singapore's MAS Starts Wholesale CBDC Project Ubin+ for Cross-Border Payments

Singapore's central bank announced a CBDC project with the French and Swiss central banks, along with BIS innovation hubs. The new project comes a day after MAS_sg started two new projects with Standard Chartered, HSBC and others. By parikshitm899

a new initiative called Ubin+ aimed at exploring the use of central bank digital currency for cross-border currency transactions.

Ubin+ will look at testing the use of CBDCs for foreign exchange and liquidity management as well as the connectivity between CBDC and other digital asset networks. Under the project, the bank will also explore how systems based on distributed ledger technology could interact with non-ledger payment systems.

While central banks around the world are looking into digital iterations of local sovereign currencies for use by citizens in daily transactions, progress on wholesale CBDCs – that can be built on technologies similar to DLT that underlie crypto and be used exclusively between financial institutions to conduct speedy settlements – has been moving faster, propelled by support from the Bank for International Settlements which groups the world's central banks.

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