On June 21, the Monetary Authority of Singapore released a white paper today proposing a common agreement to stipulate the conditions for the use of digital currencies, such as central bank digital currencies, tokenized bank deposits, and stablecoins on distributed ledgers. Prepared in collaboration with the International Monetary Fund, Bank of Italy, Bank of Korea, financial institutions and fintech companies, the white paper outlines the technical specifications of a purpose-bound currency (PBM) lifecycle from issuance to redemption, and interfaces with digital currencies agreement, etc. Sopnendu Mohanty, chief fintech officer at the Monetary Authority of Singapore, said collaboration between industry players and policymakers could help to make important strides in settlement efficiency, merchant acquisition and user experience using digital currencies. More importantly, it enhances the prospect of digital currencies becoming a key component of the future of finance and payments.