The post Singapore’s Central Bank Chief Ravi Menon Predicts the Downfall of Private Cryptocurrencies appeared first on Coinpedia Fintech News

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In a recent panel discussion on the future of the monetary system, Singapore’s central bank’s managing director, Ravi Menon, predicted that private digital coins, such as native digital tokens, will eventually fade from the monetary scene due to their inability to meet fundamental financial service tests.

Private Digital Coins Failing the Test of Money

During the panel discussion, jointly hosted by the Hong Kong Monetary Authority and the Bank for International Settlements, Menon highlighted that private digital coins have failed to retain value. He explained that individuals typically do not entrust their life savings to these assets because they view them as tools for quick profit rather than reliable stores of value. Menon emphasized that private cryptocurrencies will eventually exit the scene due to their inability to meet essential monetary criteria.

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Filed under: Bitcoin - @ November 28, 2023 8:03 am