The increasing popularity of digital tokens has raised concerns among central banks worldwide, leading them to explore the concept of a digital version of central bank money. The Monetary Authority of Singapore (MAS) is no exception, and it has been actively studying the potential benefits and risks associated with a digital version of the Singapore dollar (digital SGD). My article published in the Banking and Finance Law Review (volume 39, page 381) delves into the potential impact of a digital SGD on the public’s choices for store of value and conducting payment transactions, the funding model of the banking industry, and the monetary policy operations of MAS. It revisits fundamental topics such as the existing types of official money, bank funding models, central banks’ authority to issue banknotes, and the concept of legal tender while discussing the changes that a digital SGD would bring. The conclusion is that introducing a digital SGD would yield net positive effects, encouraging MAS to modernize its currency system to align with the evolving digital landscape in financial markets.