MAS says retail CBDC “not urgent,” but it seems to have found plenty of good things to do with it all the same.
the infrastructure required in case a need arose. It also conceptualized a new model for digital currency — purpose-bound money — and pulled large Singaporean banks and government agencies into the research with a series of trials.
Singaporean consumers do not need a retail digital dollar at present because of the high quality of services already available, the authors wrote. They indicated, however, that the most foreseeable use case may be for the benefit of the MAS rather than users: “Electronic payments in Singapore are pervasive, and households and firms in Singapore are already able to transact digitally in a fast, secure and seamless manner today. […] The case for a retail CBDC in Singapore could strengthen over time, especially if innovative uses emerge or there are signs that digital currencies not denominated in SGD are gaining traction as a medium of exchange locally.”
The MAS uses the concepts of programmable payment and programmable money to devise its purpose-bound money , which “specifies the conditions upon which an underlying digital currency can be used.” This highly constrained, nonintermediated form of CBDC would serve well for vouchers, the authors of the white paper said. Four trials will be conducted at the Singapore FinTech Festival from Nov. 2 to 4.
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