Central Banker Says Crypto 'Miserably' Failed Test of Money, Will Make Way for CBDCs and TradFi Products: Report
Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), has stated that cryptocurrencies have failed as a medium of exchange or store of value and will eventually leave the scene. Menon believes that the future monetary system will consist of central bank digital currencies (CBDCs), tokenized bank liabilities, and regulated stablecoins. MAS has invested in the development of a regulatory framework for stablecoins, but the legislative amendments for the stablecoin regulatory framework will not be ready for at least a year.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitget donates HK$12 million to support fire rescue and reconstruction efforts in Tai Po, Hong Kong
Bitget Spot Margin Announcement on Suspension of ELX/USDT Margin Trading Services
Enjoy perks for new grid traders and receive dual rewards totaling 150 USDT
Bitget Spot Margin Announcement on Suspension of BEAM/USDT, ZEREBRO/USDT, AVAIL/USDT, HIPPO/USDT, ORBS/USDT Margin Trading Services
