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.
An industry effort led by the Monetary Authority of Singapore, dubbed Project Ubin, has successfully experimented with blockchain technology.PHOTO: ST FILE

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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