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Over 35 years experience working in oil and gas accounting with privately held oil and gas producing companies. Also have a blog that covers monetary system issues and the potential for major future monetary system change. (http://lonestarwhitehouse.blogspot.com/)  - email: ... more

Singapore Testing a Digital Singapore Dollar

Date: Monday, August 7, 2017 11:07 PM EST

We have covered the fact that some central banks have been looking into the idea of a central bank digital currency (CBDC) for awhile now. We noted that both the Bank of England and the IMF have talked about the idea. This article mentions a number of central banks around the world as being interested.

A question arises as to which country might be the first to actually implement a central bank digital currency? One candidate might be Singapore. We won't know for sure until someone actually announces they will implement one. But here are some articles that suggest Singapore is as good a candidate as any to jump in the water first.

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Singapore Moves Ahead with Digital Currency (3-2017 article)

 

"The Monetary Authority of Singapore said last week that it had conducted a test run of a digital prototype of Singapore dollar for interbank transfers, further cementing the nation's position as Asia's fintech leader.

The project, a collaboration between Singapore's central bank and blockchain consortium R3, was first announced in November during a week-long fintech festival in the city state."

Note: R3 is a consortium of various banks that looked at a variety of blockchain solutions offered by Intel, IBM and Monax back in 2016. It appears that IMB has a paticular interest in Singapore as we can see from the two articles just below.

 

Fortune - IBM Opens Blockchain R&D Center in Singapore (July 2016 article)

 

"IBM plans to open a blockchain innovation center in Singapore in collaboration with the government, as the city-state strives to become Asia's main financial technology hub.

IBM (IBM, +0.15%) will be working with the main economic planning agency, the Singapore Economic Development Board (EDB), and the Monetary Authority of Singapore (MAS) to accelerate blockchain adoption for finance and trade."    . . .

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