Singapore Central Bank to Test Digital Currency for Government Bill Settlement

The Monetary Authority of Singapore (MAS) will trial the use of a central bank digital currency (CBDC) to settle tokenized government bills with primary dealers.

MAS Managing Director Chia Der Jiun revealed the plan, stating full details will be released next year.

The announcement comes on the heels of a successful test by three local banks that used the wholesale CBDC for interbank lending, signaling a coordinated move to integrate digital currency into the heart of Singapore’s financial system.