Singapore central bank chief sees no place for private crypto in the monetary scene
Ravi Menon says the country is instead clearing a path for CBDCs and regulated stablecoins. There will not be a place for private cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) in the monetary scene as many of them fail the “fundamental tests of financial services,” Monetary Authority of Singapore’s managing director Ravi Menon believes. Speaking at a panel discussion on the Future of Monetary System on Nov. 28, 2023, Menon said that private crypto currencies “have miserably failed the test of money because they can’t keep value.” “Nobody keeps their life savings in these things. People buy and sell these things to make a quick buck.” Ravi Menon While Menon didn’t specifically name which crypto currencies will be barred from the market, he suggested that a future monetary system will be based only on central bank digital currencies (CBDCs), tokenized bank liabilities and “well-regulated” stablecoins, witho...