Singapore’s Central Bank to pilot live CBDC for interbank settlements
The Monetary Authority of Singapore (MAS) is set to launch a live pilot of a CBDC for wholesale interbank settlements , marking a significant step in the integration of digital currencies into mainstream banking operations. The Monetary Authority of Singapore (MAS) has announced plans to implement a live central bank digital currency (CBDC) for wholesale interbank settlement in 2024. This initiative marks a departure from theoretical situations, because it involves using a real CBDC for transactions between commercial banks. This project is part of the Orchid Blueprint, a framework developed by the MAS for this purpose. The Orchid Blueprint outlines the creation of a settlement ledger for recording digital money transfers, which will include Features for programmability and instantaneous settlement of digital tokens. You might also like: Singapore’s Central Bank explores asset tokenization with major financial firms Additionally, it proposes the development of a ...