While the Monetary Authority of Singapore (MAS) does not yet see a need to issue a digital Singapore dollar, it is building the competencies needed to do so (MAS building tech infrastructure for digital Singdollar in future, Nov 10).
I applaud the caution exercised by MAS. Singapore is already very advanced in terms of adopting cashless payment.
While a retail central bank digital currency could be a way to increase financial inclusion and realise many of the benefits associated with moving to a cashless society, risks such as data breaches, cyber attacks and counterfeit digital currencies have to be carefully considered.
For citizens to be comfortable with adopting a central bank digital currency, they will need to be confident that any MAS-issued digital currency here is secure.
Ewen Lim Wei Shen