, Singapore

Singapore takes the first move to explore digital currency

It is working on a blockchain project for interbank payments.

Singapore's central bank on Wednesday said it will launch a pilot project with the country's stock exchange and eight local and foreign banks to use blockchain technology for interbank payments including cross-border foreign currency transactions.

The effort is supported by the R3 blockchain research lab and BCS Information Systems, Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), said at the Singapore Fintech Festival.

This is the first step by Singapore's central bank to explore the use of digital currency.

Read more here from Reuters.

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