Digital SGD: Ubin project

• Alekseenko A.P.

  A. Р. Alekseenko. Vladivostok State University of Economics and Service. Vladivostok. Russia

The article analyzes the reports of the Monetary Authority of Singapore on the development of a state blockchain that allows to implement and use Singaporean digital dollar. The author examines the goal, tasks, phases and main results of the Ubin project, within which Singapore
studied the prospects for introducing national digital currencies. The purpose of this article is to make recommendations that could be useful for modernizing Russian legislation in order to implement a project concerning digital ruble. It was revealed that the digital SGD is not a
new form of money, but a means for settlement of interbank obligations, which has no value outside of this area. Thanks to its smart contract system, the Singapore digital currency could be used to settle transactions, in particular in the insurance sector and as an effective substitute
for letter of credit. The blockchain system realized within the project Ubin has an open code and allows interacting with other systems created by both private banks and foreign financial regulators. This makes possible to create an ecosystem allowing to provide transnational
settlements in the financial sphere. The article concludes that the Bank of Russia should implement the digital ruble project, taking into account the experience of Singapore, creating a consortium of partners and developing regulatory legal acts necessary to design a system
that allows the transfer of currency and securities between financial institutions.

Keywords: cryptocurrency, token, Singapore, digital financial assets, digital currency, payment
services, stablecoin, digitalization, digital ruble, blockchain, financial technologies.