On Wednesday, June 21st, the Monetary Authority of Singapore (MAS) proposed some new standards for central bank digital currency (CBDC) for mitigation and commerce, and tokenized bank deposits, on a distributed ledger.
MAS published their white paper in collaboration with the International Monetary Fund (IMF), Banca d’Italia, Bank of Korea, and other fintech groups to produce a common protocol that “specifies the conditions upon which an underlying digital money can be used.”
MAS added that Amazon, finance company FAZZ, and superapp creator Grab are working together on a pilot to test escrow arrangements for online retail transactions, with payments discharged to the merchant only after the customer collects the items bought.
Operators will need to ensure that programmability does not come at the expense of digital money’s ability to serve as a medium of exchange. The singleness of money should be preserved, and programmability should not limit the distribution of money and lead to fragmentation of liquidity in the system.
Sopnendu Mohanty, MAS’ chief fintech officer, said in a statement:
This collaboration among industry players and policymakers has helped achieve important advances in settlement efficiency, merchant acquisition, and user experience with the use of digital money. More importantly, it has enhanced the prospects for digital money becoming a key component of the future financial and payments landscape.
Recently the IMF held a forum in Morocco where they discussed “a new vision” for CBDCs and cross-border transactions. SEE: IMF Announces They Are Working On ‘A New Vision’ For A Single Global Digital Currency In Push To Eliminate Cash
The European Union has also been working with Amazon to facilitate their CBDC.
AUTHOR COMMENTARY
And yet while the rollout of CBDCs around the world are happening at breakneck speeds, the masses no idea what they are and could easily be swayed to accept them, without even needing a real poke.
SEE: New Poll Shows Almost Three-Quarters Of Americans Have Never Heard Of A CBDC
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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I have started to buy whatever gold and silver I can get. The gold would be bought in grams & the silver bought in terms of both ounces & grams. Some money are in stocks (my stocks are dividend paying stocks & etfs). Hopefully, I get a bank account or 2 to buy foreign currencies (such as the Chinese yuan & Israeli Shekel). There is also foreign currency etfs. Of course I will be careful with the banks.
I believe that gold in grams is easier to barter with when the economy finally is allowed to collapse.