🔸 The head of the Central Bank of Singapore said that private cryptocurrencies will inevitably disappear from the global monetary scene.
▪️ Private cryptocurrencies have failed the fundamental financial services test and will not stay in the monetary space.
▪️ 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;
- “well-regulated” stablecoins.
▪️ According to Menon, private digital currencies are completely untested as money:
“Nobody keeps their savings in these assets. People buy and sell them to get easy dollars."
