The Business Times
business-time-50
HOCK LOCK SIEW
·
SUBSCRIBERS

Purpose-bound money, still searching for its purpose

google-preferred-sourceAdd BT as a preferred source
Kelly Ng

Kelly Ng

Published Wed, Nov 16, 2022 · 05:50 AM
    • MAS says it does not see a compelling use case for retail central bank digital currencies (CBDCs), as electronic payments in Singapore are already pervasive.
    • MAS says it does not see a compelling use case for retail central bank digital currencies (CBDCs), as electronic payments in Singapore are already pervasive. PHOTO: BLOOMBERG

    AT the recent Singapore Fintech Festival (SFF), I bought lunch for myself using some digital Singapore dollars. The experience was rather underwhelming – it reminded me of the process of using the digital Community Development Council (CDC) vouchers, except it was more unwieldy.

    My tokens were loaded on to a unique wallet that I knew how to access only via a weblink. I had emailed this link to myself a week before, so I spent some time fishing for the link when I wanted to use the vouchers. I should have bookmarked the link, but the user experience could have been more intuitive.

    The Monetary Authority of Singapore (MAS), organiser of SFF, had used the event to test two types of so-called “purpose-bound digital Singapore dollars”. One was disbursed by the government and issued by DBS in the form of tokenised deposits. This was the one I managed to use for my lunch.

    Central Bank Digital Currencies (CBDCs)Monetary Authority of SingaporeBlockchainHock Lock Siew

    TRENDING NOW

    The price paid for the Shi family’s latest bungalow purchase in Cluny Hill works out to S$2,295 psf on a land area of 37,036 sq ft.

    Haidilao co-founder’s family buys second bungalow in Cluny Hill for S$85 million

    The departure of food manufacturing operations from Singapore may not necessarily be reason for concern.

    Yeo’s, Tiger Beer and now Gardenia – flight of food manufacturing from Singapore might be just as planned

    “The era of impunity is ending,” Indonesia's President Prabowo Subianto said.

    Prabowo’s biggest crackdown on tycoons shocked his own officials

    Evidence showed the parties intended the 99-1 ratio to reflect both their legal and beneficial ownership of the property.

    Apex court rejects resulting trust claim in 99-1 condo dispute

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More