Coinspeaker
Private Cryptocurrencies Have No Future, Retiring MAS Director Said
The Director of the Monetary Authority of Singapore (MAS), Ravi Menon, has emphasized that private cryptocurrencies have no future. Menon shared his thoughts as a panelist at an event jointly hosted by the Hong Kong Monetary Authority and the Bank for International Settlements.
Earlier, Mr Menon, who spearheaded the fintech revolution in Singapore, announced his plans to retire after thirteen years on the post. Despite his experience, the retiring MAS director affirms private cryptocurrencies will eventually fade off the financial scene.
According to Menon, privately issued assets have repeatedly failed the test of money due to their inability to store value.
“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 these cryptocurrencies have suffered significant losses,” he said.
Menon explained that people see pr
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