Singapore to trial purpose bound money CBDC, digital currency, with DBS, OCBC, UOB pilots
2022/10/31 11:59
According to LedgerInsights, today the Monetary Authority of Singapore (MAS) issued a whitepaper on purpose bound money, a tokenized form of digital currency which restricts how money can be used. It is part of the Project Orchid retail central bank digital currency research (CBDC) initiative. Four pilot projects are being run, three of which involve Singapore’s largest banks, DBS, OCBC and UOB.
The central bank distinguishes between programmable payments – conventional payments with rules, programmable money, where the rules and the payment instrument are combined in a blockchain-based token, and purpose bound money (PBM), which it views as a third model building on programmable money. The money involved might be central bank digital currency, tokenized bank deposits or stablecoins, collectively referred to as digital Singapore dollars (DSGD). In the DBS pilot it is tokenized bank money.
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