Singapore Pushes For Global Standardization of Digital Currencies

Singapore is taking initiative to establish a common standard for the use of digital currencies, including stablecoins, tokenized bank deposits, and central bank digital currencies (CBDCs). The technical paper, published by Singapore Monetary Authority (MAS), saw contributions from the International Monetary Fund (IMF), central banks of South Korea and Italy, and global giants such as JPMorgan, Amazon, and DBS Bank. MAS Working on Creating a Common Standard for Digital Coins On June 21, MAS proposed the establishment of a common standard for the use of digital currencies by large banks and investors with the publication of a technical document on Purpose-Based Money (PBM), during a time when regulators continue to focus intensively on digital asset transfer and trade. The technical document suggests a common protocol for determining the terms of use of digital currencies on a distributed ledger, including CBDCs, tokenized bank deposits, and stablecoins. It provides a detailed explanation […] The post Singapore Pushes For Global Standardization of Digital Currencies appeared first on COINTURK NEWS.