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In parallel, Singapore remains an active participants in Project Nexus , an initiative spearheaded by the Bank for International Settlements (BIS) to enhance global payments network connectivity. 2024 also saw stablecoin adoption pick up pace, following regulatory updates in late 2023.
On digital money, MAS is investigating wholesale central bank digital currencies (CBDCs), tokenized bank liabilities, and regulated stablecoins. The first pilot will involve the use of “live” wholesale CBDC to settle retailpayments between commercial banks. and advancing talent.
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