兰花项目（Project Orchid）-55正式版

Project Orchid Programmable Digital SGD Contents 02\ FOREWORD 04\ EXECUTIVE SUMMARY \ 06\ 1 — PROJECT ORCHID INTRODUCTION 08\ 2 — MOTIVATION 12\ 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 PATTERNS \ 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-ramp 32\ 36 — DESIGN CONSIDERATIONS \ 6.1 Interoperability\ \ 6.2 Fungibility of digital SGD across issuers \3 6.3 User Protection \3 6.4 Operational Cost \3 6.5 Digital Readiness \3 6.6 Security \3 67.7 Anti\-Money Laundering and Terrorist Financing Risks 38\ 37 — CASE STUDIES \ 73.1 Case Study 1 – Government Vouchers \3 7.2 Case Study 2 – Commercial Vouchers \3 7.3 Case Study 3 – Government Pay-outs \3 7.4 Case Study 4 – Learning Account 48\ 8 — SUMMARY AND NEXT STEPS 50\ 9 — ACKNOWLEDGEMENTS \ Annex3 1: Central Bank Digital Currency \3 Annex 2: Tokenised Deposits \3 Annex 4: Glossary of Terms Foreword Digital assets enabled through the innovative combination of tokenisation and distributed ledgers 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, enhance 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 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 regulatory 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 development 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 dollar (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 moving 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 the 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 seeks 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 MOHANTY C H I E F F I N T E C H O F F I C E R , M O N E TA RY A U T H O R I T Y O F S I N G A P O R E 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 F D I G I T A L S G D Executive Summary A potential future digital SGD will need to interact with different forms of digital assets and be interoperable across different financial infrastructures. This 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 contri