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Singapore Examines Central Bank Digital Dollar for Retail

  • MAS sees potential benefits of issuing digital local dollar
  • Ravi Menon says Singapore’s case for retail CBDC ‘not urgent’

Singapore’s central bank is starting a project on the technological aspects of building a digital form of its currency to prepare for the days if the city-state decides to have one, its chief said Tuesday.

While acknowledging potential benefits of having its own digital currency for the local public, such arguments are not compelling enough, Managing Director Ravi Menon of the Monetary Authority of Singapore said at the annual fintech festival. Physical cash will remain for “quite some time” and possible currency substitution by foreign digital money is “a remote tail risk,” he said.