Singapore takes the lead in establishing norms for ‘designated’ digital currency
Singapore’s central bank, the Monetary Authority of Singapore, has unveiled a proposed common protocol aimed at establishing clear conditions for the utilization of digital currencies. As financial institutions in the city-state embark on trials involving purpose-bound money, the regulator published a whitepaper, outlining technical specifications regarding the life cycle of such currency and emphasizing the importance of programming arrangements to ensure fund transfer occurs exclusively upon service fulfillment or adherence to specified terms of use. For use in online commerce and programmable rewards The Monetary Authority of Singapore (MAS) has unveiled a whitepaper that proposes a common protocol empowering senders to set specific conditions for transferring digital money across different systems. These conditions encompass factors like validity periods and design ated types of shops, aiming to establish a robust framework for secure and seamless cross-...