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Monetary Authority of Singapore Outlines Common Protocol For Digital Money

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Singapore’s de facto central bank, The Monetary Authority of Singapore [MAS], today released a whitepaper that suggests a standard protocol to lay out the requirements for the use of digital currency like CBDCs, tokenized bank deposits, and stablecoins on a distributed ledger. It allows senders to establish restrictions like the duration of the validity period and the kinds of stores when sending digital currency between various systems,

Developed in collaboration with the International Monetary Fund, the Bank of Korea, financial institutions like JP Morgan, and e-commerce firms like Amazon, the whitepaper introduced the concept of purpose-bound money [PBM]. PBM is part of MAS’ Project Orchid, which enables senders to specify conditions, such as validity periods and types of shops when making transfers in digital money across different systems. 

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Monetary Authority of Singapore Outlines Common Protocol For Digital Money 2

According to the blog post, the PBM protocol is compatible with various ledger technologies and payment methods, along with users’ preferred wallet providers. Without the requirement for customization, stakeholders utilizing different wallet providers can transfer digital assets to one another. Mr. Sopnendu Mohanty, The Chief FinTech Officer at MAS, said,

This collaboration among industry players and policymakers has helped achieve important advances in settlement efficiency, merchant acquisition, and user experience with the use of digital money. More importantly, it has enhanced the prospects for digital money becoming a key component of the future financial and payments landscape.

The chief financial regulator of Singapore has been experimenting with blockchain technology on a number of fronts, including JPMorgan, DBS, and Marketnode, a joint venture between Temasek and the Singapore Exchange that operates a digital markets infrastructure.

Singapore Ramp Up Its Efforts

Last year, MAS launched an initiative called Project Guardian that was intended to test the feasibility of applications in asset tokenization. One key component of the project investigates the use of open, interoperable networks to trade digital assets across platforms and liquidity pools, including current financial infrastructure, using public blockchains.

Singapore’s efforts come amid increasing headwinds for the cryptocurrency industry especially in the US. In the middle of this crackdown, the city state’s central bank has positioned itself as an Asian regulator eager to use cutting-edge technology to strengthen its position and the nation’s financial sector.

Bitcoin Whitepaper No Longer Included In Latest MacOS Ventura 13.4 Beta

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Apple quietly removed the Bitcoin whitepaper and the Virtual Scanner II program from the most recent macOS Ventura 13.4 beta.

The latest MacOS Ventura 13.4 beta included a test scanner tool named Virtual Scanner II, which Big Tech removed on April 25. As a result, the Bitcoin white paper was removed, according to the Apple-focused news site 9to5Mac.

Apple Removes Bitcoin Whitepaper From MacOS

Apple will not release a new version of its operating system that includes a digital copy of the original Bitcoin whitepaper that has been kept secret on Macintosh computers for more than five years, according to Tuesday’s report from AppleInsider.

The whitepaper’s existence is explained by the possibility that it was utilized as a convenient tiny test file. Possibly a Bitcoin investor or added as a joke. The test app’s developer was involved in both.

Three weeks ago, the late discovery of the PDF document went viral, but it was just the most recent of many easter eggs that Apple (or, more likely, its staff) have hidden over the years. Millions of Apple consumers didn’t appear to have seen it until 2020 when designer Joshua Dickens tweeted about it. In April 2021, someone who read his post created a thread in Apple’s support forums.

However, it didn’t attract further notice until renowned technologist Andy Baio wrote about it last month.

“Of all the documents in the world, why was the Bitcoin whitepaper chosen? Is there a secret Bitcoin maxi working at Apple?” Baio asked. “Maybe it was just a convenient, lightweight multipage PDF for testing purposes, never meant to be seen by end users.”

Even Satoshi Nakamoto, whose alias Craig Wright has long claimed to use, alleged that Apple violated his copyright in response to the finding. Wright had previously obtained a court order requiring the removal of a copy of the paper from the website Bitcoin.org in 2021, but the website refused.

According to participants in Apple’s Beta Software Programme, the file, as well as the other components with which it was initially bundled—a test driver for a virtual scanner to enable developers to work with the operating system’s image capture module—are not present in the future version 13.4 of MacOS Ventura. The files, concealed in system files, were never meant to be found by common users.

There was a picture of a sign at Treasure Island in San Francisco next to the PDF of the Bitcoin whitepaper. 9to5Mac commented

This pretty much confirms our original theory that both the Bitcoin white paper and the internal tool were never meant to be found by regular users.

Later, Baio claimed that an insider at Apple had informed him that the whitepaper’s existence had been reported as a developer work ticket last year and assigned to the same individual who had initially entered the document into the system. But the ticket wasn’t being used at the time.

“They’ve indicated it will likely be removed in future versions,” Baio wrote.

Related Reading: | Bitcoin Mining Stocks Soar In 2023: A Bright Spot Amidst BTC’s Breather |

BTCUSD 2023
Source: Tradingview.com

Bitcoin Whitepaper to Celebrate 12 Years as Cryptocurrency’s Price Continues to Take Up Front Pages

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Bitcoin came to the public eye for the first time in 2010, an event that marked the shift in the financial world. Invented by the still-reclusive Satoshi Nakamoto, Bitcoin went on to create waves that would change how people view decentralized and virtual assets.

Although 2010 is seen as Bitcoin’s birth date, the idea for the cryptocurrency was first sown in the 2008 whitepaper. As we celebrate the 12th anniversary of the whitepaper on October 31 it becomes imperative to take a look back and see how far we have come from the nascent stages of yesteryear.

On October 31, 2008, the world learned about a tamper-proof, decentralized peer-to-peer protocol that could track and verify digital transactions with added functionalities. One of Bitcoin’s main attractions was that it could put a stop to double spending and evoke transparency in every individual transaction. The concept of Bitcoin also drew in the developer crowd after learning about the mining feature and how miners are rewarded for obtaining Bitcoins off the blockchain.

Satoshi Nakamoto envisioned Bitcoin as a real-world tool that would make transactions and purchases much easier and quicker. Although Bitcoin has not fully permeated every level of banking, the past decade has seen several companies integrate Bitcoin or its compatriots into its fold. At press time, Bitcoin was trading for $13,165 with a total market cap of $243.96 billion. A healthy 7-day growth had elevated Bitcoin’s daily trading volume to $32.58 billion, a figure that users expect to climb in the coming days.

Over the last several years, Bitcoin has set many milestones for itself, including key changes to native cryptocurrency peripherals. Bitcoin’s price movements have been one of the most striking figures since its inception as analysts continue to predict higher growth. The current cryptocurrency price point of $13,165 is 438,833,333 % higher than its first recorded value of $0,003. At the time of writing, Bitcoin’s circulating supplies was 18.52 million. This means that only 2.47 million BTC tokens are left to be mined on the blockchain.

As we celebrate the 12th year of the whitepaper, Bitcoin has been seeing changes in terms of other peripherals as well. On October 29, Bitcoin’s hash rate fell by 40 percent while the transaction fees rose to a 28-month high. Some members of the Bitcoin community claimed that the drop in hash rate was because of the end of China’s rainy season. China is one of the largest miners of the cryptocurrency and mining remains affordable only when hydroelectricity is available in the plenty.

Despite Bitcoin’s naysayers, it is an undeniable fact that the world’s largest cryptocurrency has become a constant in the financial world. Bitcoin’s price movements may continue to be erratic but it is a surety that the still unknown Satoshi would be proud of the idea that he had all those years ago.