BOC, MAS exchange digital currencies
Two top banking regulators of the world - the Bank of Canada and the Monetary Authority of Singapore - have sent each other digital currencies using blockchain technology, marking the first such transaction between two central banks. A joint statement issued by the two central banks, they were collaborating for a period of time to use distributed ledger technologies (DLT) and central bank cryptocurrencies to facilitate faster, safer, and cheaper cross-border payments. The Bank of Canada aligned its domestic payment network, Project Jasper, with Singapore’s distributed ledger payments network, Project Ubin, to test cross-border blockchain payments. Accenture and JPMORGAN Chase too were part of the experiment. Sopnendu Mohanty, chief fintech officer at the MAS, said Project Jasper and Project Ubin have built on previous innovations in the payments area to demonstrate that cross-border payment and settlement can be made simpler and more efficient.