MAS releases regulatory framework for single-currency stablecoins

Singapore's central bank may become the first in the world to put its stamp on some stablecoins -- digital coins pegged to real-world currency. This predictability makes stablecoins especially suitable for cross-border transactions. It's much faster than the usual bank or wire transfers, as funds take mere minutes to move. The Monetary Authority of Singapore has released its criteria for recognising stablecoins. Issuers who meet all the requirements can apply for their coins to be labelled as "MAS-regulated". The central bank wants to consult the public on proposed legislative changes next year.

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[boyjoe]

Wait till BRICS fully enforce their currency exchange on trading, export, import .... US dollars will definitely effected... Then Singapore will feel the heat....

[PAPLies]

Singaporeans are already living through one of the most rapid cost of living rises in recent history, eroding the purchasing power of their wages. MAS reported that headline inflation for 2023 is expected to “come in higher” at 5.5% to 6.5%, reflecting the increasing price of transport, property and the effect of the 1% GST hike. The potentially worsening macroeconomic situation in Singapore could spell a more bumpy ride ahead for Singaporean wage earners.

[PAPLies]

That is why our economy has become so weak and is vulnerable to every external shock, and in turn, our Sing Dollar is so badly weakened that it needed to be “artificially” strengthened by costly monetary injections to keep inflation in check and also defend the parity of the Sing Dollar against a basket of foreign currencies used to “peg” our currency, and this has resulted in massive forex losses.

[ttkoh]

How much tax-payers money are expended on this X-payment system to-date?
The next you know is GST Hike in 2024.