Sunday, June 25, 2023

"Singapore, Amazon, lead push for 'purpose bound digital money"

Big if true.

From The Register, June 26:

PLUS: US joins India’s software diplomacy push; Suzuki to make flying cars; Indonesia's broadband bird

Asia In Brief Singapore's central bank, the Monetary Authority (MAS), last week published a white paper that proposes the concept of "Purpose Bound Money" (PBM).

As the white paper [PDF] explains, PBM contains "digital money as a store of value and programming logic denoting its use based on programmed conditions." Once those conditions are met, "digital money is released, and it becomes unbounded once again."

Amazon, Asian business finance platform FAZZ and Singaporean superapp Grab are collaborating on an e-commerce use case for PBM that "allows payment to be released to the merchant only when the customer receives the items purchased."

If PBM becomes reality, that could mean your credit card isn't charged for goods you buy online until the courier knocks on your door.

Another purpose of PBM is improving interoperability between tokenized assets – such as central bank digital currencies backed by governments....