The post Singapore’s Central Bank Chief Ravi Menon Predicts the Downfall of Private Cryptocurrencies appeared first on Coinpedia Fintech News
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.
Menon made these remarks during a panel discussion on the Future of Monetary System, held as part of the Hong Kong Monetary Authority-Bank for International Settlements event.
“Nobody keeps their life savings in these things. People buy and sell these things to make a quick buck.”
Ravi Menon
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.
Singapore Reshapes the Crypto Hub
He also talk about Singapore is revamping its cryptocurrency hub following the downfalls of Three Arrows Capital and Terraform Labs. The Monetary Authority of Singapore (MAS) is adopting a more cautious stance on cryptocurrencies, stressing the need for consumer protection and financial stability. private cryptocurrencies unable to meet fundamental financial service standards will eventually vanish from the monetary scene. He noted that private digital coins have “dismally failed the test of money” due to their inability to hold value.
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