The head of the Monetary and Credit Authority of Singapore believes that private cryptocurrencies have already failed the fundamental tests for providing financial services and should eventually disappear.
Ravi Menon is confident that the future global monetary system will consist of three key components: central bank digital currencies ( #CBDC ), tokenized bank liabilities, and "well-regulated" stablecoins.
Private digital assets fail all tests as money with a bang. They are not able to maintain their long-term value and become an equivalent of value. Therefore, no one keeps their savings in such assets for a long time. People buy and sell private digital assets just to make money on speculation,” the official said.
Ravi Menon is sure that, unlike the creators of private cryptocurrency projects, state regulators seek to create a truly working new system of financial relations based on digital asset technologies. In particular, digital assets are considered as a secured form of national currency that can be used in innovative services and applications.
#radionovcrypto #BTC $BTC
