Monetary Auth of Singapore China government is introducing digital currency
China has a successful cashless payment system involving e-wallets operated by AliPay and WeChat Pay.  Still, the regulatory authority is rolling out their digital currency. 

Singapore needs to learn from China about the strategy behind their move towards a digital currency. We need to use digital currency to replace paper currency and improve our payment system and reduce the cost of going business.

If China needs finds a need to introduce digital currency, surely the need is greater in Singapore, due to the heavy reliance on cash payments. 

What is a digital currency, and how is it different from wallet payments?

Here are my views:

a) The digital currency is backed by the state, and the wallet payment does not have the same guarantee. 

b) With a state sponsored payment system, it is easier to get businesses to adopt the system to receive payments and to get the citizens to use the system. 

c) The existing wallet operators will have to use the state system to clear their transactions.

I hope that our regulatory authority will also move introduce this digital currency as soon as possible.

Tan Kin Lian

Vote - do you agree that we have to adopt a digital currency?

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