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Retail-focused Singaporean CBDC to hedge against privately issued stablecoins
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Singaporean central bank Monetary Authority of Singapore (MAS) has ramped up efforts to research and develop a central bank digital currency (CBDC) for retail use under the Project Orchid initiative.
According to MAS managing director Ravi Menon, Singapore’s retail CBDC will be developed in partnership with private entities, which “would be the digital equivalent of today’s notes and coins.”
Speaking at the Singapore FinTech Festival, Menon highlighted the benefits of retail CBDCs in aiding faster and secure online transactions and building an inclusive payment ecosystem.
He also believes that building an in-house retail CBDC can reduce the inherent investment risks when dealing with privately issued stablecoins or foreign CBDCs within
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