The Monetary Authority of Singapore & # 40;MAS) and the International Monetary Fund & # 40;IMF & #41; have launched a competition to solve twelve problems related to state-owned cryptocurrencies.
The Singapore regulator has teamed up with the International Monetary Fund, the World Bank and other organizations to launch a competition in which participants must offer a solution to twelve problems related to state-owned cryptocurrencies.
“Can the state cryptocurrency system for retail be integrated into the existing infrastructure with additional functions beyond the basic transfer of value, without the need for consumers to use smartphones?” – according to the question to the first problem.
The competition will be supported by Amazon Web Services, Mastercard, the Partior payment platform, the R3 consortium and Hyperledger. MAS also reported that the initiative is supported by the Asian Development Bank, the United Nations Capital Development Fund and the Organization for Economic Cooperation and Development (OECD).
Bison Trails estimates that about 80% of central banks are exploring options for using state-owned cryptocurrencies, and 40% are already testing proof of concept. The finalists of the competition will have the opportunity to present their ideas during the demonstration day, which will be held at the Singapore FinTech Festival in November.
According to the MAS statement, up to three winners will be selected, each of whom will receive 50,000 Singapore dollars ($37,193). Up to 15 finalists will receive curators and access to the APIX digital currency test environment. You can apply for participation here.
Recall that according to the annual economic report of the Bank for International Settlements (BIS) for 2021, digital currencies of central banks can make significant changes in the financial industry.