Singapore has been conducting a series of experiments with blockchain technology. The hopes are high that the country will be able to form their own cryptocurrency by the next year as they attempt to commercialize it.
The Monetary Authority of Singapore or MAS recently announced the “Project Ubin,” which is an exploration into the possibilities of blockchain and other distributed ledger systems.
The project is split into several different phases. The first of those phases is looking at designing a concept to bring banks into the cryptocurrency market as they have not traditionally been involved. The MAS is attempting to proliferate the use of blockchain for applications such as different payment models, and inter-bank payments. Other uses will likely include delivering securities, cross border transactions, and ultimately a country wide digital currency that can be used for transactions and the acquisition of assets.
Sopnendu Mochanty, the chief finch officer at MAS recently stated that “I hope next year we will be done with all the elements.” He is attempting to “bring the boarder ecosystem together so we all learn together.” The chief of finch did not state any speicificities as to how the experiment will deal with the regulation of other digital currencies and whether or not it will remain decentralized. The hopes are high however that the experiment will help regulators realize that there are various applications for the technology in real world applications.
Mohanty also stated that the public should not “fear doing experiments and don’t fall into traps of signaling policy changes. Some regulators are afraid to do experiments because of this tremendous external pressure on them. We are trying to drive that culture globally.”
Hopefully, this will help to lead an example for other countries to embark on a similar journey.