[English translation] "The future will be realized": Singapore to tokenize fiat currency on the blockchain

『The Future Becomes Reality』: Singapore to tokenize legal currency on a blockchain.

In the report titled “The Future Becomes Reality,” the Monetary Authority of Singapore (MAS) announced that the initial phase of a project to develop tokenized Singapore dollars (SGD) on an Ethereum-based blockchain has been completed.

The Ubin project, which began in November 2016, is an attempt to develop a function to replace the interbank payment network in Singapore by leveraging tokenization and blockchain technology.

The first phase of the project achieved success, and a proof-of-concept system was developed to replace the MAS electronic payment system (MEPS+). MEPS+ is Singapore’s version of the American Clearing House Bank Interbank Payment System (CHIPS) and settles interbank borrowings and lendings.