Thailand enters the market, Singapore exchanges experience with China, and Shanghai becomes DCEP's external breakthrough?
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Central Bank of Thailand to Develop Prototype of CBDC Decentralized Payment System
According to Finance Magnates, the Central Bank of Thailand has announced a project to develop a prototype of a commercial decentralized payment system, becoming the latest monetary regulator to join the ranks of central bank digital currencies.
The prototype of the central bank’s CBDC will be based on the Inthanon project, a distributed ledger project initiated by the central bank in cooperation with the country’s eight major commercial banks. The scope of the project will include conducting a feasibility study and developing an innovative platform that integrates CBDCs with businesses, the announcement said. The new prototype project is set to start next month and is expected to run until the end of the year, when the Bank of Thailand will announce the project's summary and results.
Speaking of the Inthanon project, this is not the first time Thailand has studied CBDC. As early as January 22 this year, the Hong Kong Monetary Authority announced the results of the Inthanon project in cooperation with Thailand (see the picture above), and achieved good results at that time. Effect.
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Director of the Monetary Authority of Singapore: Discussing the CBDC landing scenario with the Central Bank of China
According to Sina Finance News, on June 18, the 12th Lujiazui Forum opened in Shanghai. Meng Wenneng, director of the Monetary Authority of Singapore, said in the roundtable discussion that CBDC is a very hot topic at present, and the People’s Bank of China is very active in exploring this field. Singapore and the People’s Bank of China have had a lot of exchanges, and the two sides are discussing relevant implementation scenarios of CBDC.
We all know that Singapore's financial market is very open, and we often see that the registration place and business qualification of a certain project are all in Singapore. Singapore has perfect financial laws, the government encourages free competition, and has a good fiscal and taxation policy. This all-in-one free financial environment has also become the first choice for many blockchain projects.
Far away, let’s continue to talk about CBDC. Yesterday, the Monetary Authority of Singapore announced that 14 of the 21 digital bank applications met the eligibility criteria for consideration of applications. These qualified applicants, comprising five Digital Full Bank (DFB) applicants and nine Digital Wholesale Bank (DWB) applicants, will proceed to the next stage of assessment.
The digital bank that finally passed the approval is likely to become the partner of Singapore’s CBDC in the future. These operations also pave the way for the official launch of the CBDC in the future.
Yi Gang, Governor of the Central Bank: Shanghai can try first in terms of free convertibility of RMB
Yi Gang, Governor of the Central Bank: Shanghai can try first in terms of free convertibility of RMB
According to China Business News, on June 18, Central Bank Governor Yi Gang said at the 12th Lujiazui Forum that Shanghai is becoming a risk management center for RMB financial assets. Various elements of risk management in Shanghai are being improved day by day, especially in terms of transactions, the RMB financial market has sufficient liquidity, good depth and breadth, and various markets can buy and sell at any time.
If Shanghai becomes the risk management center of RMB financial assets, it will be even more powerful for DCEP. While the liquidity of RMB itself is enhanced, DCEP can add another fire to help the RMB go international faster, and it can also avoid competition with other sovereign currencies. A head-on conflict is a clever move.
If Shanghai fails to become a risk management center for RMB financial assets for the time being, then DCEP can in turn help Shanghai move towards this goal as soon as possible. DCEP's digital currency trading system will help expand the depth and breadth of the RMB financial market faster and with a lower threshold and higher efficiency to meet the investment and financing needs of global investors.
Shanghai’s construction of an international financial center can also be a pioneer in the free convertibility of RMB and capital account convertibility. As long as it meets the anti-money laundering, anti-terrorist financing and anti-tax avoidance regulatory requirements, funds required for normal trade and investment can freely enter and exit.
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