{"id":45127,"date":"2021-06-29T09:27:21","date_gmt":"2021-06-29T06:27:21","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=45127"},"modified":"2025-08-31T20:15:40","modified_gmt":"2025-08-31T17:15:40","slug":"singapores-central-bank-imf-and-world-bank-launch-initiative-to-tackle-retail-cbdc-challenges","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/singapores-central-bank-imf-and-world-bank-launch-initiative-to-tackle-retail-cbdc-challenges\/","title":{"rendered":"Singapore’s central bank, IMF and World Bank launch initiative to tackle retail CBDC challenges"},"content":{"rendered":"

The Monetary Authority of Singapore (MAS), with the participation of IMF<\/span>, OECD<\/span>, the World Bank and the Asian Development Bank, has launched a competition inviting participants to propose solutions to 12 challenges in the design of retail national digital currencies (CBDCs).<\/p>\n

The initiative is supported by Amazon Web Services, Mastercard, Hyperledger, R3, Partior<\/a> and others.<\/p>\n

Participants may come from any fintech firms and financial institutions. Organisers will create a sandbox for testing and developing CBDCs. It will comprise more than 100 API<\/span>.<\/p>\n

Participants will also be able to engage the Hyperledger developer community. In addition, Amazon Web Services will provide 15 finalists with access to the AWS platform and its advertising credits.<\/p>\n

Results are expected in November at the fintech festival in Singapore. The three winners will each receive SGD 150,000 (about USD 111,800).<\/p>\n

The initiative is aimed at developing tools, infrastructure and a mechanism for distributing national digital currencies.<\/p>\n

For example, one of the questions reads: \u201cCan a retail CBDC incorporate additional functionality without requiring users to use smartphones?\u201d<\/p>\n

Earlier PwC named <\/a> leaders in the development of retail CBDCs: The Bahamas, Cambodia, China and Ukraine.<\/p>\n

According to Raiffeisen Bank, by 2025 10% of countries will have their own digital currencies and exchanges for trading them.<\/p>\n

Global CBDC Challenge Problem Statements<\/a> by ForkLog<\/a> on Scribd<\/p>\n