Central Bank of Singapore, IMF and World Bank Launch Initiative to Address Challenges of Retail CBDCs

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The Monetary Authority of Singapore (MAS), the IMF, the OECD, the World Bank and the Asian Development Bank have just launched an initiative aimed at addressing 12 challenges in the design of retail central bank digital currencies (CBDCs).

Any fintech company as well as financial institution can take part in the initiatives.

As part of the project, a sandbox will be created in which the testing and development of the CBDCs will take place.

The results of the competition will be announced in November during the Singapore fintech festival. Each of the 3 winners will receive $111,800.

The goal of the initiative is to develop tools, infrastructure and a mechanism for the distribution of national retail digital currencies.