Singapore central bank calls for interoperable tokenized assets

CRYPT — The Monetary Authority of Singapore (MAS), together with the Bank for International Settlements (BIS), the Hong Kong and Singapore Banking Corporation (HSBC) and other financial institutions, has suggested an attempt to build an open framework and interoperable for tokens. digital assets. The program, known as Project Guardian, aims to disrupt traditional ways of delivering financial services by leveraging recent technological developments such as distributed ledgers and smart contracts.

According to the explanation provided in the document, “Traditionally, financial and real economy assets are represented either physically or through account balances on various proprietary platforms.” “For example, deposits are considered balances in accounts with financial institutions, while securities such as bonds are held in accounts with central securities depositories.” However, due to advances in technology, new models are always being developed. According to the article’s conclusions, “distributed ledgers offer the possibility of peer-to-peer transactions without the need for centralized intermediaries” and “smart contracts enable the autonomous execution of financial transactions”.

All participants, according to this concept, share a single ledger and interact with it (…) This eliminates the need for bilateral configurations between organizations or with other networks, allowing digital assets to be exchanged directly with each other. The real value lies not in the speculation surrounding unsupported digital assets, but rather in the digital representation of the real economy and financial assets.

This should be the main area of ​​focus. The Monetary Authority of Singapore (MAS), Bank for International Settlements (BIS) and other organizations like the International Monetary Fund (IMF) seek to organize concepts that provide accessibility, affordability and real-time efficiency . The use of smart contracts may have the potential to free up liquidity, thereby promoting economic growth and expanding investment alternatives. Despite these potential benefits, a significant portion of the market still remains untapped.

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