Monetary Auth of Singapore
MAS right to exercise caution with digital currency
While the Monetary Authority of Singapore (MAS) does not yet see a need to issue a digital Singapore dollar, it is building the competencies needed to do so (MAS building tech infrastructure for digital Singdollar in future, Nov 10).
I applaud the caution exercised by MAS. Singapore is already very advanced in terms of adopting cashless payment.
While a retail central bank digital currency could be a way to increase financial inclusion and realise many of the benefits associated with moving to a cashless society, risks such as data breaches, cyber attacks and counterfeit digital currencies have to be carefully considered.
For citizens to be comfortable with adopting a central bank digital currency, they will need to be confident that any MAS-issued digital currency here is secure.
Ewen Lim Wei Shen
Source: https://www.straitstimes.com/opinion/forum/forum-mas-right-to-exercise-caution-with-digital-currency
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