🏦 Central Banks of Canada and Singapore Pilot Test Blockchain and Digital Currencies For Cross-Border Payments

On May 2, the Bank of Canada and Monetary Authority of Singapore (MAS) have said that the two central banks have conducted a successful pilot test of blockchain-based digital currencies, marking the first trial between central banks. Sopnendu Mohanty, Chief FinTech Officer at MAS, said that the central bank expects to collaborate with other central banks in the future to continue with the experimentation of blockchain technology. JPMorgan, the largest bank in the U.S. by market capitalization, will collaborate with MAS to execute transactions using central bank digital currencies. "We are encouraged that Quorum has contributed to further progress in enabling cross-border payments. We look forward to continued collaboration with MAS and the financial community towards exploring a future where transactions can be executed at scale, safely, and more efficiently," Naveen Mallela, Head of Digital at JPMorgan Asia Pacific said.