Singapore's Cryptocurrency Trial is in Progress with Project Ubin
In 2016, the Monetary Authority of Singapore (MAS) launched 'Project Ubin' to research the blockchain and distributed ledger technology in general. The Chief Fintech Officer, Sopnendu Mohanty, has reported that progress has been good and that they expect to conclude the research by 2018.
Project Ubin has 5 phases:
- A proof-of-concept (PoC) design to validate inter-bank payments using blockchain technology. This was completed in 2017.
- The development of 3 different models to handle inter-bank payments using distributed ledger technology (DLT). This phase was completed in October 2017.
- Trials for the delivery of securities and cross-border payments are currently ongoing.
- Creating a digital version of the Singapore dollar (cryptocurrency) to perform real transactions and purchase assets.
- After the trial is completed next year, the MAS may decide to launch a commercial trial.
Interest in cryptocurrencies has risen sharply this year. While some countries have welcomed the rise of digital currencies like, bitcoin; others have banned them in fear of the impact on their fiat currencies and their economies. Japan today accepts the bitcoin as a payment method while China has banned cryptocurrency exchanges.
Several currencies are looking into issuing their own digital currencies like Singapore, Estonia and the United Arab Emirates (UAE).
Photo credit: William Bout on Unsplash
Please check out my other Steemit posts covering the blockchain topic:
A Personal Roadmap to Understanding the Blockchain
Different Blockchains for Different Folks
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