Crypto
Singapore monetary authority chief says tokenised payments must be backed by central bank money
Monetary Authority of Singapore managing director Chia Der Jiun said settlements in tokenised financial markets should be backed by central bank money. He said large-scale settlements in tokenised markets require safe and reliable digital currency, adding that central bank money would ultimately underpin monetary stability. MAS is pursuing the use of wholesale central bank digital currency for settlements of tokenised MAS bills. It is also pushing legal revisions on stablecoins.
