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The BRICS alliance is looking to replace the US dollar on the global stage with local currencies. The bloc wants their respective national currencies to thrive and make the greenback sit in the rear seat of the economy. The de-dollarization agenda is gaining steam worldwide as emerging economies are prioritizing local currencies to push their GDP. Also Read: BRICS: Demand For US Dollar Grows in Oil Payments, Local Currency Dips The greenback is at risk of losing its global dominance as many countries are considering ending reliance on the currency. However, Singapore’s Central Bank head Chia Der Juin, touched on the BRICS subject of de-dollarization and explained whether the US dollar can be replaced in the financial sector. Also Read: BRICS: Standard Chartered, Deutsche Bank Predict US Dollar’s Future BRICS: Singapore Central Bank Head Reveals If the US Dollar Can Be Replaced Source: ssfa.org The Singapore Central Bank’s head revealed that the US dollar is irreplaceable and...

The de-dollarization drive is currently taking over the world. The greenback is now witnessing a surge in its enemies as new foes emerge to derail its value. The US dollar is currently at a precarious threshold, with ASEAN count ries expediting efforts to topple it. These countries are working on their own currency system, one that challenges the US dollar and the Euro. Singapore, one of the leading ASEAN nations, may suffer grave consequences if the de-dollarization drive gains momentum. Also Read: ASEAN: Indonesia’s Risks Amid De-Dollarization Push Singapore: De-dollarization Risks and Impact Source: iStock ASEAN nations are reportedly working on crafting their currency system. This currency system intends to rival the US dollar and unify the ten ASEAN blocs using a single currency on a global platform. However, launching a new currency and getting the required credibility to help push the currency to stabilize higher is a huge task. Potential & Economic Consequences In the meant...

The latest initiatives led by the Monetary Authority of Singapore aim to develop foundational capabilities to scale tokenized markets. The Monetary Authority of Singapore (MAS) has introduced five additional industry pilots into the Project Guardian to test various use cases around asset tokenization.  Project Guardian is a collaborative initiative led by Singapore’s central bank that seeks to develop new financial infrastructure using decentralized finance (DeFi) elements. The latest initiatives are aimed at developing foundational capabilities to scale tokenized markets. As explained by MAS: “These developments under Project Guardian will catalyze the institutional adoption of digital assets, with the aim of freeing up liquidity, unlocking investment opportunities, and increasing the efficiency of financial markets.” Out of the 17 financial institutions members of Project Guardian, Citi, T. Rowe Price Associates, Inc. and Fidelity International are testing bilateral digital asset ...

The new algorithmic currency system aims to provide a more “stable, efficient and scalable” asset than common coins like Bitcoin. Singapore’s government-owned investment firm Temasek continues investing in cryptocurrency projects even after losing hundreds of millions of dollars to the collapsed FTX crypto exchange. Temasek has invested $10 million in Array, the developer of an algorithmic currency system based on smart contracts and artificial intelligence. Announcing the news on May 1, Array said that the raise is its second funding round, which is believed to bring the firm’s valuation to more than $100 million. The new Temasek-backed algorithm ic currency system aims to provide a more “stable, efficient and scalable” asset than traditional Cryptocurrencies like Bitcoin (BTC). The system is expected to have a variety of use cases, including payments, remittances as well as investments. Array’s smart contract platform, ArrayFi, is designed to enable decentralized applications bui...