Singapore's de facto central bank has disclosed new details about its research into financial applications of blockchain technology.
The Monetary Authority of Singapore (MAS), along with the Association of Banks in Singapore (ABS) trade group, today unveiled a new set of distributed ledger prototypes that form the second phase of "Project Ubin," an initiative that began last year with the goal of testing how a tokenized version of the Singaporean dollar could be created.
To date, the MAS has taken a more proactive approach to its work with blockchain compared to some central banks. Its research dates back to as early as 2015, when the regulator revealed that it was looking at uses that included leveraging the tech for record-keeping purposes.
Based on new statements, Project Ubin has grown to include prototype tools from all parts of the interbank settlement process.
As the regulator explained:
The regulator's chief fintech officer, Sopnendu Mohanty, expressed hope that the release would spark further research developments, including those between the MAS and other institutions like it.
"We are sharing our learnings and knowledge from Project Ubin to encourage greater experimentation amongst central banks and financial institutions. We look forward to working with other central banks on the use of DLT for cross-border applications," Mohanty said.
The information release is the latest development from the MAS that finds it shaping its blockchain strategy. MAS officials released a statement on initial coin offerings (ICOs), or sales in which cryptographic tokens are sold in order to fund or bootstrap a new blockchain network.
Per the statement, the MAS believes that some tokens sales fall under the definition of a securities offering, triggering reporting requirements for those involved.
Image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.