JPMorgan, Amazon, IMF, Central Banks Contributes To Singapore Digital Currency Standards
MAS Proposes Common Standard For Digital Currency The Monetary Authority of Singapore on June 21 published a whitepaper on Purpose Bound Money (PBM), proposing a common standard for use of digital money as big banks and investors continues to bet on digital asset transfers and trading despite intense scrutiny from regulators. advertisement The whitepaper proposes a common protocol to specify conditions for the use of digital money such as Central Bank Digital Currencies (CBDCs), tokenised bank deposits, and stablecoin s on a distributed ledger. It details the concept of Purpose Bound Money (PBM), enabling senders specify conditions from validity period to shops when making digital money transactions. The paper is part of Project Orchid, a collaboration between the MAS and industry partners to build the foundational digital infrastructure and platforms for digital currency use cases. It outlines PBM lifecycle from issuance to redemption, as well as the protoco...