The monetary control of Singapore (MAS) has developed a prototype system based on a blockchain, which allows cross-border payments in different currencies on the same network.
Investment companies JPMorgan and Temasek also participated in the creation of the platform. Currently, the system is tested to determine its potential for integration with commercial blockchain applications.
The payment network will provide interfaces for connecting other DLT database networks, and will also offer additional features for various use options, such as DVP conditions (delivery against payment) with private stock exchanges, conditional payments and conditional deposit for trade, as well as payment obligations for trade finance.
The monetary control of Singapore hopes that this project will become an incentive for other central banks to carry out similar tests, so it will make technical specifications with publicly available. Project Report With a description of the possible use of the multicurrency system will prepare a consulting company ACCENTURE at the beginning of 2020.
According to Mohanti’s compound, the director of the MAS Fintech division, billing-based payment networks are able to increase economic efficiency and create new business opportunities, due to cheaper, increasing the speed and security of transboundary transactions.
The development of the adjacent direction is stimulated by the Bank of International Claims, which in October
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