Stablecoins and central bank digital currencies (CBDCs), not crypto, will be part of the financial ecosystem in the future, the managing director of Singapore’s central bank said during his keynote at the Singapore Fintech Festival.
“There are four contenders for digital money,” Ravi Menon said, naming them as privately issued cryptocurrencies, CBDCs, tokenized bank liabilities, and well-regulated stablecoins.
But in Menon’s opinion, cryptocurrencies have failed the test of digital money because “they have performed poorly as a medium of exchange or store of value, their prices are subject to sharp speculative swings, and many investors in cryptocurrencies have suffered significant losses.”
Bitcoin (BTC) is
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!