The uptake of blockchain technology is picking up at an exponential rate and now, governments are taking notice more than ever. This came to light recently during the Money 20/20 Asia conference, whereby through its central bank, Singapore reaffirmed its resolve to using blockchain in making international payments.
Project Ubin Working its Magic
According to the Monetary Authority of Singapore (MAS), through its chairman Ravi Menon, the plans put in place regarding the use of blockchain dubbed ‘Project Ubin’ are set to deal with increasing efficiency in the arena.
According to Mr. Menon, the use of crypto tokens could potentially help spur cross-border payments, especially with traditional payments. He says:
“This is the challenge that Singapore’s Project Ubin has set itself to solve:
- to use blockchain technology to enable entities across jurisdictions to make payments to one another:
- without intermediaries;
- with greater speed and efficiency; and at lower risk and cost.”
Bullish Reviews From Both MAS and the Government
Both MAS and the government of Singapore have given their bullish stands with regards to the potential of blockchain technology, while at the same time creating a similarly ripe environment for the uptake of digital currencies.
Speaking to the mainstream press in February, the Chief Fintech Officer of MAS said that he was taking into consideration the developmental potential of Project Ubin to have at least 2 years left before the real fruits are seen. This is especially so with regards to being an example of a notable blockchain technology. It was during the same speech that Menon made a confirmation that MAS was now in partnership with the Bank of Canada to help in carrying out tests and experiments that would develop a cross-border solution through the use of crypto tokens.
Neighbors Itching to Jump on the Bandwagon
Notably, some of Singapore’s neighbors are also considering conducting remittances by use of the blockchain platform. In fact, South Korea and Japan have given strong indications of similar schemes. It would therefore mean that banks are competing with cryptocurrency trade projects as seen on Bitnub’s announcement as well as Bitway, the US payment gateway.
What do you think about the decision of Singapore to use blockchain in making international remittances? Is this a strong indication that the world is slowly warming up to blockchain? Let us know your views in the comments section below.