{"id":116634,"date":"2020-11-20T21:50:06","date_gmt":"2020-11-20T18:50:06","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/singapore-ready-to-launch-wholesale-cbdc-local-exec-says\/"},"modified":"2020-11-20T21:50:06","modified_gmt":"2020-11-20T18:50:06","slug":"singapore-ready-to-launch-wholesale-cbdc-local-exec-says","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/singapore-ready-to-launch-wholesale-cbdc-local-exec-says\/","title":{"rendered":"# Singapore ready to launch wholesale CBDC, local exec says"},"content":{"rendered":"

“# Singapore ready to launch wholesale CBDC, local exec says <\/strong>”
\n<\/p>\n

Singapore is ready to launch it’s own central bank digital currency, or CBDC, said Sopnendu Mohanty, chief FinTech officer at Singapore\u2019s central bank and financial regulator, Monetary Authority of Singapore. <\/p>\n

Speaking on the subject during an exclusive interview with Cointelegraph, Mohanty pointed out that in Singapore there is not much demand for a retail CBDC, given that payment system infrastructure in the country already allow fast and cheap payments among individuals. <\/p>\n

Instead, Singapore’s central bank is focused on the development of a wholesale CBDC, which will be used to facilitate settlements of securities and payments among financial institutions.\u00a0<\/p>\n

\u201cI don\u2019t think we need to do any more experiments on wholesale CBDCs\u201d, pointed out Mohanty. \u201cNow we should start thinking about going into production\u201d. <\/p>\n

According to Mohanty, a severe but clear regulatory framework coupled with openness to innovation is what makes Singapore one of the most attractive places for cryptocurrency business in Southeast Asia.\u00a0<\/p>\n

“Defining Singapore \u201ccrypto-friendly\u201d, said Mohanty, “would be \u201chighly misleading\u201d.<\/p>\n

In fact, he pointed out, the small city state has a very clear regulatory framework in place to prevent money laundering and the financing of terrorism.<\/p>\n

Singapore\u2019s Central bank still believes that while business activity poses certain risks, the technology<\/a> itself is neutral. <\/p>\n

\u201cAllowing crypto to be an experimental construct in Singapore is what we are looking at\u201d, he explained. <\/p>\n

Watch the full interview on our Youtube<\/a> channel and don\u2019t forget to subscribe! <\/p>\n<\/div>\n

If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n

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If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“# Singapore ready to launch wholesale CBDC, local exec says ” Singapore is ready to launch it’s own central bank digital currency, or CBDC, said Sopnendu Mohanty, chief FinTech officer at Singapore\u2019s central bank and financial regulator, Monetary Authority of Singapore. Speaking on the subject during an exclusive interview with Cointelegraph, Mohanty pointed out that…<\/p>\n","protected":false},"author":1,"featured_media":116635,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/e2e4bb78-dfdb-4e67-a76c-f24f7f294a8c.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74858,74894,80886,75046,74860,76556,70934,5012,4965],"class_list":["post-116634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-regulation","tag-blockchain","tag-blockchain-bitcoin-conference","tag-cbdc","tag-cryptocurrency-exchange","tag-fintech","tag-regulation","tag-singapore","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/116634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=116634"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/116634\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/116635"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=116634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=116634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=116634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}