Singapore government proposes a common protocol to specify conditions for the use of digital money.
The Monetary Authority of Singapore (MAS) has published a whitepaper for digital money, according to a statement on 21 June 2023. The whitepaper was supported by the concept of Purpose Bound Money (PBM). Through this publication, MAS proposes the technical specifications for the PBM lifecycle, as well as business and operating models for how arrangements could be programmed.
Common Protocol
«The PBM protocol is designed to work with different ledger technologies and forms of money,» MAS said in the statement. With a common protocol, the same infrastructure can be used across multiple use cases. Thus, stakeholders using different wallet providers can transfer digital assets to one another without the need for customization. In developing this whitepaper, MAS collaborates with the International Monetary Fund (IMF), Banca d’Italia, and Bank of Korea as well as other financial institutions and fintech firms.
