The tests, which took place over 12 weeks with some of the world's leading banks, including Citigroup Inc. and Wells Fargo & Co., sought to evaluate the potential of digital currencies to enhance both domestic and international payment systems.
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).
"Ten banks working with an organization that is part of the Federal Reserve Bank of New York recently participated in a test for 12 weeks of an interoperable digital money platform that operates exclusively in U.S. dollar," a bill analysis stated.
Norway is looking to join several countries that are on track to introduce a Central Bank Digital Currency (CBDC) – a centralized form of digital money.
Sunak's father-in-law is the founder of Infosys, an official partner of the World Economic Forum (WEF) thought to be connected to the development of the social credit system.
