The Monetary Authority of Singapore (MAS) and the International Monetary Fund (IMF) have launched a competition to tackle twelve problems related to government cryptocurrencies.
The regulator of Singapore has teamed up with the International Monetary Fund, the World Bank and other organizations to launch a competition in which participants must offer solutions to twelve problems related to government cryptocurrencies.
“Could a government-owned retail cryptocurrency system be embedded into existing infrastructure with additional functionality beyond basic value transfer, 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, Partior payment platform, R3 consortium and Hyperledger. MAS also announced 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 use cases for government cryptocurrencies, and 40% are already testing proofs of concept. Competition finalists will have the opportunity to present their ideas during a demo day at the Singapore FinTech Festival in November.
According to MAS, up to three winners will be selected, each receiving S $ 50,000 ($ 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.
