Singapore, IMF and World Bank join forces to create CBDC 

Recently, the Monetary Authority of Singapore has announced the official launching of the ”Global CBDC Challenge”, a competition that aims to award the most innovative proposal for CBDC innovation and payment services improvement. 

The Global CBDC Challenge is a collaboration between international bodies that include the World Bank, International Monetary Fund, the United Nations Development Programme, the Organization for Economic Cooperation, and the United Nations High Commission for Refugees. 

These global bodies have banded together to address the 12 Problem Statements on CBDC instruments, distribution, and infrastructure and bring the financial innovation that the world needs. 

The rise of digital currencies

Central banks all over the world have different positions on cryptocurrencies, but more and more are leaning towards the digital currency path and are starting to explore the possibility of adapting them on a national level. 

Through the Global CBDC Challenge competition, organizers hope that it could inspire innovators in various parts of the world to participate and showcase solutions that can bring out the best potential of CBDCs. 

The organizers believe that a breakthrough solution is just lying somewhere in the world which can bring massive improvements to the current capabilities of payment services and improve governments’ adoption of CBDCs. 

The global stage is waiting

The finalists of the competition will have a grand opportunity to pitch and showcase their innovative solutions at the Singapore FinTech Festival which would happen in November of this year. 

Three lucky winners will each receive a S$50,000 (US$37,000) and can also win as much as S$200,000 (US$149,000) in MAS Financial Sector Technology and Innovation Proof-of-Concept grant funding. 

 

Image courtesy of Cointelegraph News/YouTube

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