Central Banker Says Crypto ‘Miserably’ Failed Test of Money, Will Make Way for CBDCs and TradFi Products: Report

The head of Singapore’s central bank doesn’t think crypto has a future in financial services.

Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), said in a speech earlier this month that cryptocurrencies have “failed the test of digital money.”

“They have performed poorly as a medium of exchange or store of value. Their prices are subject to sharp speculative swings. Many investors in cryptocurrencies have suffered significant losses.”

During a panel discussion this week, Menon says he thinks crypto assets “will eventually leave the scene,” according to a Bloomberg report.

“Nobody keeps their life savings in these things. People buy and sell these things to make a quick buck.”

The central bank official predicts that the future monetary system will be comprised of central bank digital currencies (CBDCs), tokenized bank liabilities and regulated stablecoins.

Menon, who’s retiring at the end of the year, said in his speech earlier this month that MAS has invested in the development of a “rigorous regulatory framework” for stablecoins.

“But the legislative amendments for the stablecoin regulatory framework to take effect will not be ready for at least a year. An interim approach that MAS has adopted is to acknowledge entities whose stablecoins can already demonstrate compliance with MAS’ regulatory framework.”

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