Chairman of the Monetary Authority of Singapore: Stablecoins and CBDC will become an integral part of the future financial ecosystem

Ravi Menon, director of the Monetary Authority of Singapore (MAS), said in a keynote speech at the Singapore Fintech Festival that stablecoins and central bank digital currencies (CBDC) (rather than cryptocurrencies) will become part of the future financial ecosystem. Menon said that cryptocurrencies failed the test of digital currency because they performed poorly as a medium of exchange or store of value, and their prices were susceptible to wild speculative fluctuations, with many cryptocurrency investors suffering significant losses. MAS sees well-regulated stablecoins as a promising digital currency that can complement CBDC and tokenized bank liabilities. (CoinDesk)