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On June 21, 2023, the Monetary Authority of Singapore (MAS) launched a White Paper proposing standards for the use of such digital assets, in order to establish common protocol and conditions for their use.
PBMs are a form of tokenised digital currency that is limited in how it can be used. In simple terms, a PBM can be imagined as a voucher of sorts – where users can safely exchange value without directly transferring funds.
MAS said that PBM features the use of a common protocol that is designed to work with different ledger technology and forms of money.
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