Singapore central bank to joins IMF; World Bank to push state digital currencies

The Monetary Authority of Singapore has launched a “Global CBDC Challenge,” inviting proposals for retail central bank digital currency innovations to improve payment services and promote financial inclusion.

Fast facts:

  • The initiative, launched in partnership with the International Monetary Fund, the World Bank, the Asian Development Bank, the United Nations Capital Development Fund, the United Nations High Commission for Refugees, the United Nations Development Programme, and the Organisation for Economic Co-operation and Development — calls on companies around the world to provide solutions for retail CBDCs — intended for individuals and businesses — to address 12 problem statements related to CBDC instruments, distribution and infrastructure.

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