Singapore To Trial Tokenized Bills, Bring In Stablecoin Laws (reuters.com) 4
An anonymous reader quotes a report from Reuters: Singapore's central bank will hold trials to issue tokenized MAS bills next year and bring in laws to regulate stablecoins as it presses forward with plans to build a scalable and secure tokenised financial ecosystem, the bank's top official said on Thursday. "Tokenization has lifted off the ground. But have asset-backed tokens achieved escape velocity? Not yet," said Chia Der Jiun, Managing Director of the Monetary Authority of Singapore (MAS), a keynote address at the Singapore FinTech Festival.
He said MAS has been working on the details of its stablecoin regulatory regime and will prepare draft legislation, with the emphasis on "sound reserve backing and redemption reliability." MAS is also supporting trials under the BLOOM initiative, which explores the use of tokenized bank liabilities and regulated stablecoins for settlement, he added. "In the CBDC space, I am pleased to announce that the three Singapore banks, DBS, OCBC, and UOB, have successfully conducted interbank overnight lending transactions using the first live trial issuance of Singapore dollar wholesale CBDC," he said. MAS will expand trials to include tokenized MAS bills settled with CBDC, he added.
He said MAS has been working on the details of its stablecoin regulatory regime and will prepare draft legislation, with the emphasis on "sound reserve backing and redemption reliability." MAS is also supporting trials under the BLOOM initiative, which explores the use of tokenized bank liabilities and regulated stablecoins for settlement, he added. "In the CBDC space, I am pleased to announce that the three Singapore banks, DBS, OCBC, and UOB, have successfully conducted interbank overnight lending transactions using the first live trial issuance of Singapore dollar wholesale CBDC," he said. MAS will expand trials to include tokenized MAS bills settled with CBDC, he added.
Holy acronyms, Batman! (Score:2, Insightful)
Re: (Score:3)
And of course they don't say what those acronyms stand for.
I'll guess that CBDC stands for Central Bank Direct Credit
waiting for the 0.000000001% tax on each exchange (Score:2)
It will end badly when the central bank and government impose a financial processing and security fee (tax) on each and every time electronic money changes hands.
It will start out at some near 0 amount and then grow when the central government proves it works and then each city, town, county, province, region, state, taxing authority imposes its "piece of the action cut" on every exchange of electronic money within its jurisdiction.
Next they will force you to make even more transactions to drive up the reve