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 <p>The head of Singapore’s central bank doesn’t think crypto has a future in financial services.</p>
 <p>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.”</p>
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 <p><em>“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.”</em></p>
 <p>During a panel discussion this week, Menon&nbsp;says he thinks crypto assets “will eventually leave the scene,” according to a Bloomberg report.</p>
 <p><em> “Nobody keeps their life savings in these things. People buy and sell these things to make a quick buck.”</em></p>
 <p>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.</p>
 <p>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.</p>
 <p><em>“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.”</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/central-banker-says-crypto-miserably-failed-test-of-money-will-make-way-for-cbdcs-and-tradfi-products-report-tbt72094.html">https://thebittimes.com/central-banker-says-crypto-miserably-failed-test-of-money-will-make-way-for-cbdcs-and-tradfi-products-report-tbt72094.html</a></p>

Central Banker Says Crypto ‘Miserably’ Failed Test of Money, Will Make Way for CBDCs and TradFi Products: Report

TheBitTimes

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