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Singapore will test digital SGD for government payments and coupons.

Four pilot projects will test how consumers, businesses, and the government use a digital Singapore dollar to make and receive payments in 2022.

According to a Monday central bank statement, DBS Bank, Grab, OCBC Bank, and UOB are conducting the experimental programmes alongside government agencies and the Monetary Authority of Singapore (MAS).

Source: MAS

The studies focus on purpose-bound money (PBM), a digital currency that allows issuers to set limits, such as validity period and storage kinds, when making transfers to persons or corporations.

After postponing the introduction of a retail central bank digital currency (CBDC) until 2021, MAS began the experimental programmes.

On Monday, MAS said it is vigorously investigating digital currency use cases with business and government partners.

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