Central bank digital currencies could disrupt financial systems

An industry effort led by the Monetary Authority of Singapore, dubbed Project Ubin, has successfully experimented with blockchain technology. PHOTO: ST FILE
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SINGAPORE - The rise of private payment networks and cryptocurrencies is challenging central banks' control over the flow of money within the financial system, the broader economy and across borders.

A vast majority of central banks - including the Monetary Authority of Singapore (MAS) - are responding by exploring digital currencies of their own, noted a new survey by the Bank for International Settlements (BIS).

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