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1、Project OrchidProject OrchidProgrammable Digital SGD02 FOREWORD04 EXECUTIVE SUMMARY 06 1 PROJECT ORCHID INTRODUCTION08 2 MOTIVATION12 3 PURPOSE-BOUND MONEY(PBM)OVERVIEW 3.1 PBM Architecture 3.2 Digital Currencies backing PBM 3.3 PBM Wrapper 3.4 PBM Infrastructure 3.5 PBM Wallets 18 4 PBM USAGE PATTE
2、RNS 4.1 Government to Person 4.2 Person to Government 4.3 Corporation to Person 4.4 Person to Corporation 4.5 Person to Person 28 5 PBM FUNCTIONAL OVERVIEW 5.1 PBM Lifecycle Stages 5.2 PBM Roles and Responsibilities 5.3 PBM On-ramp&Off-ramp32 6 DESIGN CONSIDERATIONS 6.1 Interoperability 6.2 Fungibil
3、ity of digital SGD across issuers 6.3 User Protection 6.4 Operational Cost 6.5 Digital Readiness 6.6 Security 6.7 Anti-Money Laundering and Terrorist Financing Risks38 7 CASE STUDIES 7.1 Case Study 1 Government Vouchers 7.2 Case Study 2 Commercial Vouchers 7.3 Case Study 3 Government Pay-outs 7.4 Ca
4、se Study 4 Learning Account48 8 SUMMARY AND NEXT STEPS50 9 ACKNOWLEDGEMENTS Annex 1:Central Bank Digital Currency Annex 2:Tokenised Deposits Annex 3:Stablecoins Annex 4:Glossary of TermsContentsForewordDigital assets enabled through the innovative combination of tokenisation and distributed ledgers
5、offer transformative economic potential.Tokenisation enables anything of value to be represented in digital form,stored and exchanged on a ledger that keeps an immutable record of all transactions.If done right,the digital asset ecosystem could potentially facilitate more efficient transactions,enha
6、nce financial inclusion,and unlock economic value.It could improve financial services a common goal shared by MAS,the financial industry and the FinTech community.However,like all innovations,digital asset activities pose risks as well as benefits.MAS vision is to build an innovative and responsible
7、 digital asset ecosystem in Singapore.The development strategy and regulatory approach for digital assets go hand-in-hand towards achieving this.MAS development strategy makes Singapore one of the most conducive and facilitative jurisdictions for digital assets.At the same time,MAS evolving regulato
8、ry approach makes Singapore one of the most comprehensive in managing the risks of digital assets,and among the strictest in areas like discouraging retail investments in cryptocurrencies.Innovation through industry collaboration is key to growing the digital asset ecosystem.To support the developme
9、nt of a digital asset ecosystem,we need the supporting infrastructure for mediums of exchange to facilitate transactions.An ongoing focus for MAS is to strengthen our digital currency connectivity by developing the infrastructure and technical competencies necessary to issue a digital Singapore doll
10、ar(SGD).However,the only way to find out what works is through experimentation and exploration “learning by doing”.Policy makers and institutions could benefit from building their own archetypes of possible design choices for a digital currency-based infrastructure to promote debate and innovation m
11、oving forward.Project Orchid and its experiments are a step forward in advancing the global learning on the possibility of programmable money and payments.Rather than building a Central Bank Digital Currency(CBDC)ledger first,the project has taken a user driven approach instead.The first phase of th
12、e project aims to uncover a potential use cases for a programmable digital SGD and the infrastructure required.The subsequent phase of Project Orchid will investigate the optimal ledger technology to issue a CBDC as well as its integration to existing financial market infrastructure.The project seek
13、s to approach the subject of enabling an innovative,interoperable,and inclusive digital currency infrastructure in an open-sourced manner,with a view of harnessing collective contributions of the community and contributing the learning points to the global FinTech community.SOPNENDU MOHANTYCHIEF FIN
14、TECH OFFICER,MONETARY AUTHORITY OF SINGAPOREP R O J E C T O R C H I D -P R O G R A M M A B I L I T Y O F D I G I T A L S G D Executive SummaryA potential future digital SGD will need to interact with different forms of digital assets and be interoperable across different financial infrastructures.Th
15、is report begins with an overview of Project Orchid,the motivation for programmable money and how it supports a digital asset ecosystem.The report introduces the concept of Purpose Bound Money(PBM)and the potential benefits of programmable digital currency through illustrative use cases contributed
16、by industry participants and government agencies.Central banks,including MAS,would have to assess which combination of financial infrastructure and technology best aligns with its policy goals.An important consideration studied in this report was interoperability with other forms of digital assets t
17、hrough PBM as the common interface layer.Although MAS does not see an urgent case for retail CBDC,it is envisioned that the study of potential use cases for a programmable digital SGD and the infrastructure required,would enable MAS and the financial services ecosystem in Singapore to develop capabi
18、lities to support a retail CBDC should the need arises.The subsequent chapters discuss solution approaches for implementing PBM through a common interface and how it might work with various underlying medium of exchanges,mainly CBDCs,tokenised deposits and stablecoins.The report discusses the design
19、 considerations for implementing PBM and features four case studies based on ongoing trials that have been initiated to support the experiments of PBM and a digital SGD.The trials studied the feasibility of public blockchain and their equivalent private implementations,though their inclusion is for
20、experimental purposes only,and should not be inferred as an endorsement on their suitability as financial market infrastructures.The report concludes by providing a summary of lessons learnt and a roadmap for future work under Project Orchid.P R O J E C T O R C H I D -P R O G R A M M A B I L I T Y O
21、 F D I G I T A L S G D1 Project Orchid IntroductionMAS has actively experimented with central bank digital currencies(CBDCs)and distributed ledger technologies(DLT)in collaboration with the financial industry and other central banks,beginning with Project Ubin in 2016.MAS experiments to-date have pr
22、imarily focused on wholesale cross-border transactions involving financial institutions,in recognition of their potential to address longstanding and emerging challenges in payments.Project Orchid,launched at the Singapore FinTech Festival(SFF)2021,marks the first extension of these experiments into
23、 the domestic retail payment space(see fig 1).The overarching objective of Project Orchid is to build the foundational technology infrastructure and technical competencies necessary to issue a retail CBDC(i.e.,a digital version of Singapore dollar cash),should Singapore decide to do so in the future
24、.MAS has assessed1 that there is no urgent need for a retail CBDC in Singapore at this point in time.2 The use cases for a retail CBDC are unclear,given that electronic payments in Singapore are pervasive,and households and firms in Singapore are already able to transact digitally in a fast,secure a
25、nd seamless manner today.However,MAS has not ruled out the introduction of a retail CBDC at some stage in the future,in light of the dynamic nature of the payment landscape,evolving consumer preferences and likely growth of the digital asset ecosystem.3 The case for a retail CBDC in Singapore could
26、strengthen over time,especially if innovative uses emerge or there are signs that digital currencies not denominated in SGD are gaining traction as a medium of exchange locally.Project Orchid is intended to be a multi-year,multi-phase exploratory project examining the various design and technical as
27、pects pertinent to a retail CBDC system for Singapore,from its functionalities to its interaction with existing payment infrastructures.Project Orchid will build on the learnings from the Global CBDC Challenge organised by MAS and its global partners in 2021.4In its first phase,MAS has partnered the
28、 public and private sectors to investigate the possibilities around programmability of a digital currency.For the purposes of this paper,tokenised deposits stablecoins and CBDCs are referred to as digital currency.Programmability is a key enabler of some of the commonly cited use cases for a retail
29、CBDC,even as it is neither an inherent nor unique feature of a retail CBDC.A programmable retail CBDC,together with a set of well-designed smart contracts,could facilitate more efficient disbursement of highly targeted or in-kind fiscal support(e.g.,tourism vouchers)and support new business and oper
30、ating models(e.g.,seamless machine-to-machine transactions).Since 1967,Singapore has designed and issued its own national currency.The first Singapore dollar notes circulated were known as the Orchid Series,for the spray of orchids featured in the centre of the front of each note.1 https:/www.mas.go
31、v.sg/-/media/MAS/EPG/Monographs-or-Information-Paper/A-retail-CBDC-Economic-Considerations-in-the-Singapore-Context.pdf 2 Monetary Authority of Singapore(2021),A Retail Central Bank Digital Currency:Economic Considerations in the Singapore Context,November.3 A digital asset is anything of value whos
32、e ownership is represented in a digital or computerized form.It could be a financial asset like a bond,a real asset like artwork,or even an intangible item like computing resources.Digital assets are typically deployed on distributed ledgers that record the ownership and transfer of ownership of the
33、se assets.4 The Global CBDC Challenge is organised by MAS,in partnership with IMF,World Bank,ADB,UNCDF,UNHCR,UNDP and OECD,that seeks innovative retail CBDC solutions to enhance payment efficiencies and promote financial inclusion.P R O J E C T O R C H I D I N T R O D U C T I O NFigure 1:Digital Cur
34、rency InitiativesProject Ubin Phase 1Tokenised SGDProject Ubin Phase 3Delivery versus Payment(DvP)Project Ubin Phase 5Enabling Broad Ecosystem CollaborationProject DunbarInternational Se?lementsusing multi-CBDCA Retail Central BankDigital CurrencyEconomic considerationsin the Singapore contextOther
35、Cross Border Digital Currency Connectivity InitiativesProject Ubin Phase 2Re-imagining RTGSProject Ubin Phase 4Cross-Border Payment versus Payment(PvP)Global CBDCChallenge 2021Innovative retail CBDC Solutions20162017201820192020202120222023-Project OrchidProgrammability of Digital SGDP R O J E C T O
36、 R C H I D -P R O G R A M M A B I L I T Y O F D I G I T A L S G DFoundational digital infrastructure which supports digital identity,data exchange,and interoperable payments,play an important role in enabling financial services to be accessed by a wider set of the population and support economic and
37、 social development.Businesses and innovators could build upon these foundational infrastructures to develop innovative services,leading to more efficient and affordable services with better user experiences.One area where significant strides have been made in recent years is the development of the
38、concept of programmable payment and more recently programmable money popularised with the blockchain and peer to peer money movement.Programmable payment refers to the automatic execution of payments once a pre-defined set of conditions are met.For example,daily spending limits or recurring payments
39、 could be defined,similar to direct debits and standing orders.Today,programmable payments are commonly implemented through setting up database triggers or in the form of Application Programming Interface(API)gateways that sits between the accounting ledger and the client application.These programmi
40、ng interfaces interact with traditional ledgers and adjust bank account balances based on programmed logic.Programmable money refers to the possibility of embedding rules within the medium of exchange itself that defines or constraints its usage.For example,rules could be defined such that the mediu
41、m of exchange could be denominated in fractional units of up to eighteenth decimal places.Programmable money implementations include tokenised deposits,stablecoins and CBDCs.Unlike programmable payment,whereby the programming logic and the value itself are decoupled,programmable money is self-contai
42、ned and contains both programming logic and serves as a store of value.When it has been transferred to another party,the logic and rules are moved as well.Programmable payments advantage is its ability to define a set of programming logic or conditions that could be applied across a variety of diffe
43、rent forms of money.Meanwhile,programmable money has the advantage of being self-contained and transferrable on a peer-to-peer basis between parties.A third model Purpose Bound Money(PBM),which is explored in the initial phase of Project Orchid,builds upon the concept and capabilities of both progra
44、mmable payment and programmable money.PBM refers to a protocol that specifies the conditions upon which an underlying digital currency can be used.PBMs are bearer instruments,with self-contained programming logic and transferrable between two parties without intermediaries.A crucial aspect of PBM is
45、 that the underlying digital medium of exchange bound within it comes embedded with programmable logic that makes it possible for use across different platforms and systems.PBMs could be used to digitalise vouchers.A voucher comes with it a predefined set of conditions for its usage.The holder of th
46、e voucher can present it to participating merchants in exchange for goods or services(a programmable payment feature).In some instances,the terms of the voucher scheme allow it to be transferrable between people(a programmable money feature).Hence,a consumer could purchase a gift voucher and transfe
47、r it to another person who may then use it at a participating merchant.Vouchers could also be issued to support government disbursement programmes.For example,Community Development Council(CDC)vouchers5,as part of the Household Support Package in Singapore,are designed to defray the cost of living a
48、nd support hawkers and heartland merchants affected by the pandemic.The vouchers are distributed to eligible household and programmed to be spent at merchants in the heartlands.PBM serves as digital bearer instrument,and could in effect support government payouts,Conceptually,the holder of the PBM c
49、ould present the PBM and cash out without requiring its holder having to have a bank account.2 Motivation5 https:/www.mof.gov.sg/news-publications/press-releases/1.5-billion-support-package-to-provide-targeted-relief-for-lower-income-households-and-vulnerable-groups1 M O T I V A T I O N6 RedeemSG is
50、 a voucher system that helps Singapore Government agencies easily create,issue and track the redemption of vouchers.It also enables merchants to easily accept Government issued vouchers.Figure 2:Possible models of programmable digital currencyProliferation of SchemesThe proliferation of schemes and