Singapore, the World Bank and others are offering a $150,000 prize to the winner of a global competition to create a workable central bank digital currency

Singapore, the World Bank and others are offering a $150,000 prize to the winner of a global competition to create a workable central bank digital currency

The Monetary Authority of Singapore said on it will join forces with a number of supranational organizations to launch a competition to design a central bank digital currency for retail use. Its partners include the World Bank, the International Monetary Fund, the United Nations, the Asian Development Bank and the Organisation for Economic Co-operation and Development. This competition will award three winners $150,000 each for coming up with a proposal for a central bank digital currency - known as a CBDC - that can overcome the existing challenges around distribution and infrastructure. MAS hopes the contestants, who have until July 23 to submit their proposals, will address the " that many countries have listed as barriers to rolling out CBDCs of their own, as momentum in the cryptocurrency space picks up. "Central banks worldwide are actively exploring issuance of digital currencies, and are confronted with a wide range of policy and technology challenges," MAS chief fintech officer Sopnendu Mohanty said. The 12 statements address such issues as security of data and transactions, decentralization, privacy and ease of use, among others. Contestants must also ensure their proposed CBDC is cost effective, accessible, and has financial stability and integrity. A survey by