Sopnendu Mohanty, Chief Fintech Officer of the monetary Authority of Singapore (MAS), stated that blockchain has potential for cross-border payments however the agency “does not see much” in retail bank digital currencies. Mohanty delivered his comments at the Blockchain in Business event at the Massachusetts Institute of Technology on could two.
Mohanty disclosed that back in 2016, policy manufacturers failed to have a transparent understanding of what blockchain is, that the MSA — Singapore’s financial institution — determined to experiment with the technology to better realize it.
The MSA has since learned a range of blockchain-related use cases, as well as the way to deploy the technology to arrange payments within the banking industry, settle payments against securities, additionally as the way to conduct cross-border payments, stated Mohanty.
He continued that, while the agency came to recognize the efficiency gains the technology could bring, it did not see a compelling future for retail bank digital currencies.
As an example, Mohanty referenced the central banks of Singapore and Canada having successfully used their blockchain networks to send each other digital currency. Commenting on the development, Mohanty said then:
"The following influx of national bank blockchain tasks can gain further ground by uniting innovation investigation with strategy inquiries concerning the fate of cross-fringe installments."
In January, the MAS cautioned the general population against a supposed trick, which guaranteed a digital currency, was authoritatively received by the legislature. Aside from covering the new crypto trick, the MAS additionally cautioned people in general in the announcement about normal issues in putting resources into cryptographic forms of money or advanced tokens, underscoring that such speculations are related with high hazard.
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