According to the MAS, a digital SGD can appear in the form of a retail Central Bank Digital Currency (CBDC) or privately issued money.
The Monetary Authority of Singapore (MAS) has issued a report that details the potential uses of a purpose-bound digital Singapore dollar (SGD). The report includes the design considerations for implementing a programmable digital SGD for potential use cases. Future research areas will focus on improving the user experience, strengthening security and privacy capabilities, and increasing accessibility to the broad population.
The report comes after the completion of Phase 1 of Project Orchid. The MAS had announced the launch of Project Orchid in November 2021. The first phase of the project explored the concept of purpose-bound SGD, which enables senders to specify conditions such as the validity period and types of shops when making transfers.
