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Blockchain Has Potential For Cross-Border Payments, But Not In Retail Bank Digital Currencies – Singapore Regulator ‘MAS’.

Within the recent Blockchain in Business event held at the Massachusetts Institute,  the Chief Fintech Officer of the MAS [Monetary Authority of Singapore] named ‘Sopnendu Mohanty’, aforesaid that blockchain has potential for cross-border payments, however the agency “does not see much” in retail bank digital currencies.

Mohanty added that earlier in the year 2016, the policy makers didn’t had a complete knowledge of what blockchain is, so the MSA – Singapore’s Central Bank – thought to experiment with the technology to better understand it.

The MSA has since learned several of blockchain related deployment cases, together with the way to use the technology to organise payments within the banking system, settle payments against securities, along with the way to conduct cross-border payments, said Mohanty.

He continued that, while the agency came to acknowledge the potency gains the technology is capable to might bring in, but it didn’t saw a compelling future for retail bank digital currencies.

Explaining further, Mohanty referred to the central banks of Singapore and Canada having successfully ‘used‘ their blockchain networks to transfer one another digital currencies. Commenting on the event of development, Mohanty then added:

“The next wave of central bank blockchain projects can make an additional progress by linking technology exploration along-side with the policy questions on the long-run of cross-border payments.”

Earlier in January, the MAS ‘issued‘ a warning to the general public against an alleged scam, which claimed that a cryptocurrency was formally adopted by the Govt. Except from reporting on the new cryptocurrency scams, the MAS conjointly warned the public within an official statement about the common issues in investing within the cryptocurrencies or digital tokens, outlining that such investments are always associated with high risk factors.

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