MAS is exploring using the currency, called purpose-bound money, for children to spend their digital pocket money at their school's bookstore and canteen, for instance.
SINGAPORE: The Monetary Authority of Singapore is looking at making the digital Singapore dollar more accessible for the general population.
MAS learnt from that experience, Mr Alan Lim, the head of the authority's FinTech Infrastructure Office, told CNA. Merchants also did not have to deal with expired vouchers and will get their money immediately, instead of having to wait for a few days. MAS is exploring using such purpose-bound money in other instances, like for children to use their digitalAnother example is for banks to release mortgage loans only when particular parts of a home have been completed.
MAS has made a sharp distinction between cryptocurrency speculation and the short asset innovation, Mr Lim said.Commentary: FTX collapse signals time for better financial innovation – just look at the digital Singdollar
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