The Monetary Authority of Singapore, the city-state’s central bank, has funded a block chain-based record-keeping system as part of a five-year investment plan aimed at financial technology. Managing director Ravi Menon announced the Financial Sector Technology & Innovation initiative during a speech at the Global Technology Law Conference 2015 in Singapore.
The other day we were discussing the possibility of state-made cryptographic coins for book money creation by banks.
In such a scenario, banks would issue digital money against credit following the pattern of book money creation. At the end of the day, there would be digital cash pegged to legal tender besides the usual metal coins and paper monies.