Singapore Monetary Authority Chief: Private cryptocurrencies that cannot pass the basic financial services test will eventually exit the stage

ChainCatcher news, according to Bloomberg, Ravi Menon, the head of the Monetary Authority of Singapore (MAS), stated at a high-level meeting of the Hong Kong Monetary Authority and the Bank for International Settlements that private cryptocurrencies that fail to pass the basic financial services test will eventually exit the stage. The future monetary system will consist of three key components: CBDCs, tokenized bank liabilities, and "well-regulated" stablecoins.