Singapore’s Central Bank, IMF Launch Global Challenge for CBDC Solutions

The Monetary Authority of Singapore (MAS) has teamed up with the International Monetary Fund (IMF), World Bank and others to launch a competition where entrants must tackle 12 unresolved challenges posed by central bank digital currencies (CBDCs).

“Can a retail CBDC system be embedded with additional functionalities beyond a basic transfer of value without requiring users to use smartphones?” the first challenge asks.
The competition will be supported by Amazon Web Services, Mastercard, payments platform Partior, blockchain software developer R3 and blockchain project Hyperledger.
MAS said Monday the effort is also backed by the Asian Development Bank, United Nations Capital Development Fund and the Organization for Economic Co-operation and Development (OECD).
It is estimated 80% of central banks are actively exploring use cases around CBDCs and many are being confronted with challenges around policy, privacy and technology.
Finalists will have the chance to pitch their ideas during a demo day to be held at this year’s Singapore FinTech Festival in November.
MAS says up to three winners will be chosen, with each receiving S$50,000 (US$37,193) in prize money; up to 15 finalists will go on to receive mentorship and access to the APIX Digital Currency Sandbox.
Those looking to participate can apply herehttps://hackolosseum.apixplatform.com/hackathon/globalcbdcchallenge.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Tanzeel Akhtar

Tanzeel Akhtar is a reporter based in London,UK.

Follow @Tanzeel_Akhtar on Twitter

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.