šø The head of the Central Bank of Singapore said that private cryptocurrencies will inevitably disappear from the global monetary scene.
āŖļø Private cryptocurrencies have failed the fundamental financial services test and will not stay in the monetary space.
āŖļø During a panel discussion at an event in Hong Kong, the Head of the Central Bank named three key components of the future monetary system:
- CBDC;
- tokenized banking obligations;
- āwell-regulatedā stablecoins.
āŖļø According to Menon, private digital currencies are completely untested as money:
āNobody keeps their savings in these assets. People buy and sell them to get easy dollars."
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