Chairman of the Monetary Authority of Singapore: Private cryptocurrencies that fail to pass the basic test of financial services will eventually exit the currency stage

Ravi Menon, the head of the Monetary Authority of Singapore (MAS), said at a conference in Hong Kong on Tuesday that private cryptocurrencies that fail to pass the basic test of financial services will eventually exit the monetary stage, which will make the future monetary system consist of three key components: the central bank Digital currencies, tokenized bank liabilities and “well-regulated” stablecoins. (Bloomberg) A few days ago, Ravi Menon stated 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.