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Tehol_Beddict

Monetary Authority of Singapore on Crypto

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9 minutes ago, Esprxp said:

Using crypto tokens issued by the two central Banks? ...

:unsure:

"Following two successful proofs-of-concept domestically, MAS has entered a collaboration with the Bank of Canada to test and develop a cross-border solution using crypto tokens issued by the two central banks."

The World’s Biggest Banks Lead the Blockchain Charge

Nov 10, 2017 | Sarah Marquer

https://ripple.com/insights/the-worlds-biggest-banks-lead-the-blockchain-charge/

Of the remaining top 100 banks by assets worldwide, another six are also RippleNet members, including UBS, RBC (Royal Bank of Canada), UniCredit S.p.A., Standard Chartered, Westpac, BMO.

"Crypto Tokens: The Good, The Bad, and The Ugly" - Speech by Mr Ravi Menon, Managing Director, MAS, at Money20/20, 15 March 2018

http://www.mas.gov.sg/News-and-Publications/Speeches-and-Monetary-Policy-Statements/Speeches/2018/Crypto-Tokens-The-Good-The-Bad-and-The-Ugly.aspx

So, does it mean that crypto tokens can never become Money? With technology, we can never say never.

  • A second generation of crypto tokens is emerging, to address some of the current challenges related to network congestion, transaction time, energy costs, money laundering risks, and importantly, price stability.
  • Some of the best minds in the field are applying their creative energies to make crypto tokens mainstream.
  • Not all developers and programmers in the crypto world are anti-establishment anarchists.
  • Many may have been 10 years ago, but a growing number are married and have kids now!
  • They know the value of stability.

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35 minutes ago, Esprxp said:

Using crypto tokens issued by the two central Banks? ...

:unsure:

What would it solve? Do central-bank issued cryptocurrencies have intrinsic value? Are they backed up by fiat or do they represent fiat?

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2 hours ago, GiddyUp said:

 

"Following two successful proofs-of-concept domestically, MAS has entered a collaboration with the Bank of Canada to test and develop a cross-border solution using crypto tokens issued by the two central banks."

The World’s Biggest Banks Lead the Blockchain Charge

Nov 10, 2017 | Sarah Marquer

https://ripple.com/insights/the-worlds-biggest-banks-lead-the-blockchain-charge/

Of the remaining top 100 banks by assets worldwide, another six are also RippleNet members, including UBS, RBC (Royal Bank of Canada), UniCredit S.p.A., Standard Chartered, Westpac, BMO.

"Crypto Tokens: The Good, The Bad, and The Ugly" - Speech by Mr Ravi Menon, Managing Director, MAS, at Money20/20, 15 March 2018

http://www.mas.gov.sg/News-and-Publications/Speeches-and-Monetary-Policy-Statements/Speeches/2018/Crypto-Tokens-The-Good-The-Bad-and-The-Ugly.aspx

So, does it mean that crypto tokens can never become Money? With technology, we can never say never.

  • A second generation of crypto tokens is emerging, to address some of the current challenges related to network congestion, transaction time, energy costs, money laundering risks, and importantly, price stability.
  • Some of the best minds in the field are applying their creative energies to make crypto tokens mainstream.
  • Not all developers and programmers in the crypto world are anti-establishment anarchists.
  • Many may have been 10 years ago, but a growing number are married and have kids now!
  • They know the value of stability.

@GiddyUp we have a good thing going :) I find ‘em, you break em down ?

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It wouldn't surprise me in the least if the Singaporean government is keen to cooperate with Ripple.

Singapore as a whole has been forced to be rather creative in its approach to most things since its inception. The country is tiny, has a minuscule domestic population size and has a collective natural resource pool of 0. Whether its in its industry, financial sector or its military Singapore seems to have always had a policy of thinking outside of the box to compensate and overcome thos natural limitations. 

Especially lately with its stated concerns over an aging population, an increasingly competitive global financial scene and the unstated concerns about Chinas attempts to build railroads across Malaysia and canals across Thailand which would massively impact the Singaporean shipping industry ... it is absolutely fair to say that Singapore is looking to diversify its financial inflows. To position itself as a leader in fintech (in addition to AI, robotics, etc) is a stated goal of the country and I suppose being a leader in the "next era of money" would very much fall inline with that strategy. 

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Obviously I want Ripple to be working with MAS and HKMA. But bear in mind that Project Ubin tested Corda, Quorum and Hyperledger. They could well be working with Ripple in the background but I'm keeping my hopes in check on this for the time being. Having said that, those 3 platforms could work for the smart contract side of the equation but as they don't have native tokens there is still the settlement question which is where Ripple could come into play. I'm curious as to how they envisage CB issued tokens being used.

Edited by OzAlphaWolf

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Most Singaporeans have never heard of cryptocurrency. No one uses cryptocurrency and it is not accepted.Maybe, 5 to 10 years, if cryptocurrency is more established, it will be used here.

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5 hours ago, Alice said:

Most Singaporeans have never heard of cryptocurrency. No one uses cryptocurrency and it is not accepted

That is irrelevant, it's not about the average citizen it's about the banks and trust me when I say, "they know what Ripple is."

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