The digital landscape in Singapore has mostly been supportive of blockchain and cryptocurrencies. By bringing the Singapore Dollar (SGD) to the blockchain in a regulated fashion Zilliqa and Xfers have opened crypto adoption gateways for locals.
For our curious readers, we at Altcoin Buzz interviewed Zilliqa and Xfers to understand how significant is this and what lies ahead.
Q. Why is getting the SGD on the blockchain significant? In terms of regulations.
Singapore, often hailed as one of the most forward-thinking jurisdictions around the world when it comes to progressive financial regulations, is no stranger to blockchain-related developments. Institutional explorations into blockchain span across early developments such as Project Ubin, a multi-year, multi-phase project spearheaded by the Monetary Authority of Singapore (MAS) that has explored areas including decentralized interbank payments and cross-border payments and settlements.
Most recently, MAS expanded its Payment Services Act, enabling cryptocurrency firms to apply for a license to operate and even expand their businesses in Singapore. Moreover, they provided even greater regulatory clarity for these companies looking to cater to local consumers.
Given such developments taking place on an institutional level, bringing the Singapore dollar onto the blockchain is but a natural progression for the country’s digital asset landscape. With the government taking a positive, albeit cautious approach to financial innovation, XSGD provides an entryway for local consumers looking to explore the benefits of digital assets with much-needed regulatory assurances.
Q. What was the process of getting SGD on the blockchain? How tough is it for someone else to do the same?
For someone to launch a stable coin on Zilliqa, technically it is as easy as using our ZRC2 standard, which is a fungible token contract to get started. However, based on the companies business model and compliance requirement, more work…