The central banks of Singapore and Canada have settled reciprocal payments using distributed ledger technology (DLT), the first such successful effort between two central banks, although they have warned that the surrounding regulatory aspects remain a live issue.
The development marks the uniting of the two countries’ independent DLT programs, Project Jasper in Canada and Project Ubin in Singapore, which have been experimenting with blockchain-based domestic interbank transfers.
CAD$100/SGD$105 was sent between the two networks without the need of a trusted intermediary, setting the process apart from the typical cross-border correspondent banking process.
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