SINGAPORE — A new form of digital Singapore dollar which can be programmed and used for specific purposes only will be tested at the Singapore Fintech Festival (SFF) this week.
This is the first of four trials being rolled out by the Monetary Authority of Singapore in conjunction with government agencies and private firms to issue"purpose-bound money" in the form of commercial digital vouchers to make purchases from participating merchants.
The report does not mention cryptocurrencies directly but it does examine digital forms of currency that are broadly analogous to cryptocurrencies except to the extent that the MAS is looking, in part, at digital currencies run by the Government. MAS said PBM can also be used to digitalise vouchers, which in turn can be used to support government payouts and schemes. Among the trials that will be rolled out is by the United Overseas Bank and SkillsFuture Singapore, which is looking into using PBM to improve the current credit disbursement process.on separate distribution channels with distinct features for different schemes.
For merchants, the use of PBM means they will be able to receive their payout immediately after the transaction is made.
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