As a taste… – It’s the first time! They mark us forever and leave us dreaming, speechless before the field of possibilities that opens up to us. It’s a bit like this feeling that we feel today when we discover this new information: the Monetary Authority of Singapore (MAS) led the first industrial pilot for digital assets and decentralized finance. All this is under the supervision of major international banks which are increasingly interested in tokenization.
Institutions grapple with asset tokenization
Cryptocurrencies still repel a large majority of the population, whether educated in the economic system or not. The bankers (central or not) curb the four irons’ ever-increasing adoptions of Bitcoin and Ethereum. Indeed, the attractiveness of returns and the speed of transactions are all points that undermine the current system, which is forced to adapt. And to take the positive where it is.
Although crypto assets have several risks and limits, they bring out the question of the tokenization of our exchanges. This a question that the Monetary Authority of Singapore is trying to answer. And, the best way is to put your hands directly in the grease.
The MAS therefore carried out, for a world first, the simulation of exchange government bonds for pools of cash comprising Singapore government bonds, Japanese government bonds, Japanese yen and Singapore dollar ».
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This is the story of JPMorgan, Aave, and the Monetary Authority of Singapore
Not a bad start to a joke, right? Except for this time, it’s not. The local monetary policeman has just revealed this exchange of a new nature on son site. Singapore is currently exploring the possibilities of Defi and has commissioned JPMorgan, Deutsche Bank as well as SBI Digital to carry out its transactions. Do these operations take place within the framework of the project “ Guardian » ?
And on which blockchain will you tell me? Because there is one thing that does not transpire in this official note: the infrastructure used for these transfers. We will therefore plead good faith oblivion on the part of MAS when quoting Defi protocols Polygon et Ghost which allowed this exchange to go like clockwork. Which is great news for the ecosystem as a whole.
« A “live” multi-currency transaction involving tokenized deposits in JPY and SGD was successfully completed. In addition, a simulated exercise was carried out involving the buying and selling of token government bonds”.
Source
If there is currently little chance that our beloved cryptos will be adopted as is by all corporations and nations, it is a safe bet that they will evolve our uses, and our current ways of communicating, consuming, and checking online. A vast field of possibilities, which one hardly dares to dream of, after this first time unfolding without a hitch.
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