Cryptocurrency News / 08 June 2017 / Singaporean Dollar Tokenized Through Ethereum

The Monetary Authority of Singapore (MAS) in collaboration with a number of banks and blockchain technology firms recently announced that phase one of tokenizing Singaporean Dollars through an Ethereum blockchain has been successfully completed. The tokenization was inspired by R3’s Project Jasper, which was trialed by the Bank of Canada, but they seem to have opted for the use of Ethereum, probably because it has a public blockchain which may allow for greater interoperability and security. The report reads:

“The Distributed Ledger network consisted of two MAS nodes running Ethereum and MQ Client with the genesis block created by one of the MAS nodes and eight bank nodes running Ethereum, MQ Client, and Common Payment Gateway (CPG)."