Share to Twitter Share to Linkedin Singapore's Central Bank CPF , the Monetary Authority of Singapore (MAS), is working to streamline the global economy by changing how money moves across borders using central bank digital currencies inspired by bitcoin. If successful, the experiment, done in partnership with a consortium of central banks called the Bank for International Settlements (BIS), could reduce fees to such a level that even the lowest income citizens would be able to participate in the global economy. Currently, when an individual or institution transfers funds across borders they rely on an intricate network of correspondent banks coordinating across different time zones and currencies. This old-school network including JP Morgan, Deutsche Bank, and Credit Suisse, currently rely on middlemen like SWIFT for wholesale transactions (fund transfers between banks), frequently resulting in limited operating hours and settlement delays. However, if there were a system where multiple central banks were directly connected, or where banks were able to interact instantaneously on a single network, it would enable 24/7, real-time settlement of cross-border payments. In pursuit of this streamlined system, the MAS partnered with BIS in July on a new initiative called Project Dunbar to build a common platform where… Read full this story
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