Singapore authorities said Monday the country has developed a blockchain-based payment network enabling faster and cheaper international settlements, adding that the next step will be commercial rollout. In the final phase of the multi-year "Project Ubin," the Monetary Authority of Singapore (MAS) partnered with Temasek and J.P. Morgan to develop a prototype for a multi-currency payment network. The prototype's commercial applications include cross-border payments in multiple currencies, foreign exchange, settlement of securities denominated in foreign currencies, and other use cases. To promote further industry development, MAS and Temasek said they will make parts of the technical specifications of the prototype network available to the public.
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