BOC, MAS ex­change dig­i­tal cur­ren­cies

Banking Frontiers - - Regulator -

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.

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