Chia Der Jiun (치아 더지운), managing director of the Monetary Authority of Singapore (MAS), stressed that settlements in tokenised financial markets should be backed by central bank money.
According to a recent report by Crowdfund Insider, Chia said safe and reliable digital currency is needed for large-scale settlements in tokenised financial markets. He added that central bank money would ultimately serve as the foundation for monetary stability.
MAS is pushing a plan to use a wholesale central bank digital currency (CBDC) for settlements of tokenised MAS bills.
It is also continuing to push revisions to laws related to stablecoins. It may also consider allowing systemically important stablecoins access to central bank reserves.
MAS is also responding to risk-management issues that arise as AI agents execute financial transactions. It released the 'SAFR 1.1' white paper with the industry and presented compliance standards.
Chi-gyu Hwang
delight@d-today.co.kr