The rise of cryptocurrencies has prompted interest from central banks to create digital currencies. A recent survey conducted by the Bank for International Settlements revealed that almost every central bank has considered issuing a digital currency. The Monetary Authority of Singapore (MAS), the International Monetary Fund, World Bank, and other supranational organisations have joined efforts to create a central bank digital currency (CBDC) for retail use. According to a statement posted on its website, the MAS and its partners have launched a competition that they deem will enhance payment efficiency and promote ... (full story)