Central Banker Says Crypto ‘Miserably’ Failed Test of Money, Will Make Way for CBDCs and TradFi Products: Report
The post Central Banker Says Crypto ‘Miserably’ Failed Test of Money, Will Make Way for CBDCs and TradFi Products: Report appeared on BitcoinEthereumNews.com.
The head of Singapore’s central bank doesn’t think crypto has a future in financial services. Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), said in a speech earlier this month that cryptocurrencies have “failed the test of digital money.” “They have performed poorly as a medium of exchange or store of value. Their prices are subject to sharp speculative swings. Many investors in cryptocurrencies have suffered significant losses.” During a panel discussion this week, Menon says he thinks crypto assets “will eventually leave the scene,” according to a Bloomberg report. “Nobody keeps their life savings in these things. People buy and sell these things to make a quick buck.” The central bank official predicts that the future monetary system will be comprised of central bank digital currencies (CBDCs), tokenized bank liabilities and regulated stablecoins. Menon, who’s retiring at the end of the year, said in his speech earlier this month that MAS has invested in the development of a “rigorous regulatory framework” for stablecoins. “But the legislative amendments for the stablecoin regulatory framework to take effect will not be ready for at least a year. An interim approach that MAS has adopted is to acknowledge entities whose stablecoins can already demonstrate compliance with MAS’ regulatory framework.” Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on Twitter, Facebook and Telegram Surf The Daily Hodl Mix Check Latest News Headlines   Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend…
Filed under: News - @ November 29, 2023 6:24 pm