“A CBDC might be beneficial and probably necessary to ensure a competitive and vibrant digital economy”.
Government is built, by design, to move slowly. CBDCs, however, are an area where government needs to partner with the private sector.
Up to three winners will be selected, with each receiving S$50,000 in prize money.
China has already distributed millions of dollars’ worth of digital yuan in real-world trials in key cities such as Shenzhen and Chengdu