MAS completes Project Ubin for Central Bank Digital Currency

Tuesday 14 July 2020 13:43 CET | News

The Monetary Authority of Singapore (MAS) and Temasek have released a report to mark the successful conclusion phase of Project Ubin.

The report provides technical insights into the blockchain-based multi-currency payments network prototype that was built, and describes how the network could benefit the financial industry and blockchain ecosystem. The key findings of the report mentioned that an international settlement network, modelled after this payments network prototype, could enable faster transactions compared to conventional cross-border payments channels.

The applications include cross-border payments in multiple currencies, foreign currency exchange, settlement of foreign currency-denominated securities, as well as integration with other blockchain-based platforms to enable end-to-end digitalisation across many industries and use cases. The prototype was developed in collaboration with JP Morgan and Temasek. 

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Keywords: project Ubin, MAS, Monetary Authority of Singapore, Temasek, JP Morgan, central bank digital currency, CBDC, blockchain, payments , multicurrency, ecosystem, cross-border payments, multiple currencies, foreign currency exchange
Categories: DeFi & Crypto & Web3
Countries: Singapore
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DeFi & Crypto & Web3