Singapore's central bank is creating a cryptocurrency inspired by Bitcoin

On August 23, Singapore's central bank, the Monetary Authority of Singapore (MAS), is working on an experiment to use a central bank digital currency inspired by Bitcoin to change the way money flows across borders, thereby simplifying the global economy.

If successful, the experiment, conducted in partnership with the Bank for International Settlements consortium of central banks, could reduce fees to a level that would allow even the lowest-income citizens to participate in the global economy.

To achieve this simplified system, the Monetary Authority launched a new initiative in July in partnership with the Bank for International Settlements called Project Dunbar to build a common platform that would allow central banks to transfer money directly across borders using central bank digital currencies (CBDCs). (forbes.com)