Singapore and Nigeria are the latest countries to announce their newest projects regarding central bank digital currencies (CBDC).
The Monetary Authority of Singapore (MAS) has selected the 15 finalists of the “Global CBDC Challenge” that will help in the creation of a national central bank digital currency. The participating firms are from Singapore, the United States, Australia, France, Switzerland, Germany, and Barbados. Only three of them will be part of the retail pilot.
Here are the names of the candidates: Citibank N.A., HSBC Bank Limited and HSBC Holdings plc, IDEMIA, IOG Singapore Pte Ltd., Standard Chartered Bank, Xfers Pte. Ltd, cLabs Inc., Consensys, Extolabs LLC, IBM, ANZ Banking Group Limited, Bitt, Giesecke+Devrient advance52 GmbH, Criteo, and Soramitsu.
The project to build a retail CBDC will be mentored by the MAS, and a cash prize of 50,000 Singapore dollars ($37,000) will be delivered in the end. The firms will also have access to the APIX Digital Currency Sandbox. There are over 100 APIs related to banking operations and payments.
The Central Bank of Nigeria (CBN) has published a guideline for its national CBDC. The paper was sent to commercial banks all over the country. The central bank digital currency is labeled “Project Giant” and its value will be pegged to naira’s (the Nigerian banknote).
According to the released document, e-naira will function under Anti-Money Laundering and Know Your Customer (AML/KYC) rules and will have several transactions limits. Unbanked residents will have to register their telephone numbers and identities for verification. This category will have a limit of 50,000 nairas (about $120) for daily transactions.
Citizens who possess a bank account will be divided into two categories which depend on the number of AML/KYC steps completed. These two categories will be offered daily limits of 200,000 nairas ($487) and 1 million nairas ($2,438).
Read more about the latest news in Singapore in our other article!
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