Amazon and JPMorgan are part of an effort to push Central Bank Digital Currency (CBDC) in Singapore, according to a paper released by the Monetary Association of Singapore (MAS).
The paper outlines digital money standards and introduces Purpose Bound Money (PBM), enabling the sender to define the validity period and stores where the money can be spent.
The effort is part of Project Orchid, a program between bass and businesses.
Reporting from Reclaim the Net:
The paper elucidates the life cycle of PBM from its issuance to redemption and explains the protocol necessary for communication with supporting digital currencies. Notably, the PBM protocol is designed for versatility, allowing users to transfer digital assets and access digital money through a range of digital wallets, due to its compatibility with multiple ledger technologies and diverse forms of money.
