The Monetary Authority of Singapore (MAS) has released a series of projects and whitepapers over the past two weeks aimed at developing cross-border industrial blockchain. Yan Meng, co-founder of Solv, has interpreted the three ongoing plans of MAS and believes that it has found the correct path for the development of industrial blockchain and is worth emulating by other regions.
MAS currently has three main plans. The first is Project Guardian, a cross-border digital asset network. The second is Project Orchid, also known as Purpose Bound Money, which is a programmable digital currency. The third is a digital certificate program, which includes more than one project and aims to provide reliable expression and confirmation of user identities, accounts, qualifications, transaction records, etc.
In fact, the latter two projects are both aimed at solving regulatory issues. The fundamental reason why the industry blockchain cannot be established for a long time is that accounts and funds are not on the chain. Once these two issues are resolved, various enterprises and individuals will flock to them. If MAS can promote these two plans, it will basically make up for the shortcomings of the industry blockchain by establishing management capabilities for both accounts and money, and there is hope for the realization of account on-chain and fund on-chain.
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I’m not saying that MAS will definitely succeed this time, as it still requires many conditions to be met and a lot of time. Even if the infrastructure is in place, it will take a lot of time to gradually establish market liquidity. However, I think MAS has found the right path. Several key infrastructure facilities for the industry blockchain need to be promoted in an orderly manner. Decision makers in Hong Kong’s Web3 should think about this.