In an announcement made by DBS Bank of Singapore on Wednesday, it was stated that their customers can now collect payments from clients with e-CNY, the central bank digital currency (CBDC) of China.
The newly launched merchant collection platform by DBS enables businesses to automatically deposit e-CNY into their bank deposit accounts.
These developments are taking place in Singapore during a period of evolving regulations on digital currencies and cryptocurrencies. Two days ago, the Monetary Authority of Singapore (MAS) announced plans to legally hold customer funds from crypto firms and to impose restrictions on lending and staking services for retail customers. The draft regulations proposed by MAS aim to protect customer assets and facilitate the asset recovery process in the event a Digital Payment Token (DPT) service provider faces bankruptcy.
MAS’s new regulations aim to protect retail investors from potential financial risks. At the same time, it is expected that the restrictions imposed on the credit and staking services offered by cryptocurrency companies to retail customers will also increase stability in the sector.
Therefore, the launch of DBS’s e-CNY collection platform and MAS’s new regulations show that Singapore is serious about digital currencies and blockchain technology. In addition to Singapore, the Asian continent is becoming even more vibrant with Hong Kong also attracting significant investors recently.