- The managing director of the Monetary Authority of Singapore declared that cryptocurrencies have failed the test of digital money.
- Crypto will eventually leave the monetary scene, claimed Ravi Menon.
- Menon shared that the future of the monetary system will include CBDCs, tokenized bank liabilities, and well-regulated stablecoins.
“Cryptocurrencies have miserably failed the test of money because they can’t keep value,” said Ravi Menon, managing director of the Monetary Authority of Singapore. At a panel discussion on the Future of Monetary System as part of the Hong Kong Monetary Authority-Bank for International Settlements event, Menon stated that private cryptocurrencies will eventually exit the monetary system.
Bloomberg reported that Menon thought the future of the monetary system would include central bank digital currencies (CBDCs), tokenized bank liabilities, and well-regulated stablecoins.
In comparing cryptocurrencies with the aforementioned three, Menon stated that the prices of cryptocurrencies are subject to “sharp speculative swings,” and many investors have suffered significant losses in the crypto market.
Moreover, Menon added…
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