Committee of Supply 2022 debate, Day 1: Lawrence Wong on digital Singdollar and limited purpose bank accounts
A digital Singdollar must be secure and robust once it is implemented. The banking system needs to be able to adapt to its introduction. Monetary and financial stability cannot be compromised. This is a complex undertaking, and careful practical experimentation alongside industry players will be necessary on the central bank digital currency, said Finance Minister Lawrence Wong. Speaking in Parliament on Wednesday (Mar 2), he said the Monetary Authority of Singapore (MAS) does not see an immediate case for a digital Singdollar. Turning to limited purpose bank accounts, he said MAS will continue to work with the Singapore Police Force to enable financial inclusion for individuals who have been involved in financial crimes, while ensuring that the risks are properly managed.
A digital Singdollar must be secure and robust once it is implemented. The banking system needs to be able to adapt to its introduction. Monetary and financial stability cannot be compromised. This is a complex undertaking, and careful practical experimentation alongside industry players will be necessary on the central bank digital currency, said Finance Minister Lawrence Wong. Speaking in Parliament on Wednesday (Mar 2), he said the Monetary Authority of Singapore (MAS) does not see an immediate case for a digital Singdollar. Turning to limited purpose bank accounts, he said MAS will continue to work with the Singapore Police Force to enable financial inclusion for individuals who have been involved in financial crimes, while ensuring that the risks are properly managed.
Popular Shows
