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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).
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.