At the GDEC 2023 conference, Ravi Menon, the Managing Director of the Monetary Authority of Singapore (MAS), criticized Bitcoin and similar digital currencies, questioning their viability as a form of money. Menon argued that private cryptocurrencies, including Bitcoin, have failed as a means of storing value due to their volatility and use for speculation. However, Menon’s classification of Bitcoin as a ‘private cryptocurrency’ is misleading, as Bitcoin operates on a transparent and decentralized blockchain. This misclassification highlights the need for a more nuanced understanding of digital assets among financial regulators. Menon envisions a future monetary system consisting of Central Bank Digital Currencies (CBDCs), tokenized bank liabilities, and well-regulated stablecoins, which could provide stability and regulation lacking in current cryptocurrencies. Menon’s comments shed light on the evolving regulatory perspective on digital assets, but also raise questions about the diverse ecosystem of digital assets.

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Information	Details
Geography	Asia
Countries	🇸🇬
Sentiment	negative
Relevance Score	1
People	Ravi Menon
Companies	Bloomberg, Monetary Authority of Singapore (MAS)
Currencies	Bitcoin
Securities	None