Singapore selects companies for CBDC development
The central bank of the region shortlisted 15 participants to go to the "Global CBDC Challenge" to build a retail currency of this style
The Monetary Authority of Singapore (MAS) announced the pre-selection of 15 participants for the “Global CBDC Challenge”, from which a team for the development of an internal retail cryptocurrency will result.
The announcement reflects the participation of six local companies, four from the United States, one from Australia, and one from Barbados, Germany, France and Switzerland.
Of this group, there will be three companies that will finally work on the development and implementation of a retail CBDC in Singapore.
This initiative will be complemented by a cash award of $ 37,000. As discussed in a previous announcement, the 15 finalists will be mentored by MAS and “will be given access to the APIX Digital Currency Sandbox for rapid prototyping of digital currency solutions.”
Singapore authorities made moves in favor of cryptocurrencies throughout 2021. Recently, MAS gave “approval in principle” to the Australian crypto exchange Independent Reserve, allowing the firm to “operate as a regulated provider of digital payment token services. (DPT).“
K. Tovar
Source: Cointelegraph
