MAS rolls out trials for digital Singapore dollar

Trials for a digital Singapore dollar are being rolled out by Singapore's central bank. This will see the digital currency support specific payments, including some Government payouts or vouchers, and at the upcoming Singapore Fintech Festival, where members of the public can use it for purchases.

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[natcyz]

Yes, and try to track your spending, and eventually flick the switch and cut off your access to money (esp when fiat currency goes out of value, which is possible through inflation) if you don't toe the system's lines, no matter how questionable or wrong they are.

This is where we could be very well be heading.

A form of VDS now with with your money.

We need to wake up and say "no" to these things!

[bobguard]

Maybe I am mistaken, but I can't see why we need another digital currency and e-wallet when there are already so many e-wallets and payment systems out there. This just confused both the merchants and consumers, especially when somehow, later, they have to link their various e-wallets to their bank accounts. Unless the intention is to consolidate all these e-wallets and create uniform one in future. I am sure at least the merchants would be very happy if this is so, as they are already bombarded with so many payment systems, terminals, connections, not to mention keep track with all the various discounts, loyalties schemes, etc.

[godsamazinggrace]

Sg wants to be first in nwo agenda
Digitalisation

[flyinghorse]

In plain speak this is simply a digital version of food stamp or Voucher. It would never replace the paper or normal cash.

[CringeBasedDuality]

okay, which PAP members are part of the WEF? please come clean.

[tangt]

Makes it easier to collect fines and trace fund transfers of opposition as well. You know which party will never have to pay for the errors and private losses due to this 'innovation' even as digital banking is seeing record breaking amounts being stolen and personal savings all gone in less than a second. You can literally hear this excuse to absolve themselves "individuals must handle money as their personal responsibility.

[rayco]

So basically you cannot run away from FULL CONTROL of your money. They can switch it off anytime. They can prevent you from using it for certain purposes, example: alcohol or casino if you have missed your tax returns. They can babysit your spending to 30% max for car or housing. They can force you to spend a certain amount & expires that portion if unused (for nation building, lol). That is why this is the dangerous slippery slope and it will be the end of days in human society.

[fohyongchin]

Digital money= putting expired date on money

[ahwongwk]

i cant see how wow this new payment is going to be... if this can be better then NET, then its something to be wow... BTW there is the cashcard system in use for so long and only do so limited payment, and now want to come out with more thing.. whats the point? just to show off that we can be high tech?? are you trying to compare with cxxxx, hopefully not, cause spore is already way back in the back.

[eyulipng]

Huh, so it’s not CBDC? Ehhh, so sounds like PayNow, LifeSG apps and so many other apps already doing the same thing, no? What is the diff???

[littledrummerboy]

What is the point of this to the consumers?

[mookingbird]

This is how the govt gains more control over your life. If they disagree with the way you conduct your life, or if you’re not abiding by the laws like social distancing, they can suspend your financial account and assets without having to go through banking intermediaries. Note that they did not bother to explain to the citizens how with digital currency the govt will not infringe on the citizens’ rights to privacy and autonomy, and to have full control over their money.

[anziar]

That's a very meaningful use of technology. S'pore is the smartest city in the world. Fantastic! 👍👍

[hansolo]

Hmm..Digital currency..Sounds Savvy indeed! But, What if there's power failure..?Telco's signal down?My phone got hack? My phone bettery flat?Phone not working?I lost my phone?system glitch etc...!?How safe can it be?Would there be any outsourcing to any 3rd party company's in order to make it work?How much would it cost to fund this project?Who's paying for it?Is it necessary?.And so on...;-)

[fAshSon]

This isn’t a ‘trial’, this is official. Get with the times or be left behind. It’s just a fancy name

[raymasraymas]

Sarnies Cafe got some free advertising! Twice!

[cholesterol]

The real problem is not even discussed. You cant even solve simple cases of scams. When this is hit by corruption and hacking then it be a huge mess.

[gasohwjchen]

They are prepaing for BITCOIN pairing.

[martinlee]

Jamus Lim pointed out on the need to strengthen the Singapore dollar while in response, Mr Alvin Tan in his response, somewhat undermines Asst Prof Lim's concerns and that MAS had already been doing enough.

However, just today, MAS announced that it would "re-centre the mid-point of the Singdollar nominal effective exchange rate (S$NEER) policy band up to its prevailing level."

So obviously from what has just happened, Asst Prof Lim surely knows what he is talking about.

On the other hand, Mr Tan appears to be speaking off from his script provided by some civil servant that is based on political positioning rather than a frank response to what Asst Prof Lim is highlighting.

[deschan]

Digital currency does not benefit consumers