The Monetary Authority of Singapore (MAS) managing director Ravi Menon stated that cryptocurrencies have failed as digital money due to their poor performance as a medium of exchange and store of value. He highlighted the potential of well-regulated stablecoins as a digital currency complementing central bank digital currencies (CBDCs) and tokenized bank liabilities. The Bank for International Settlements (BIS) also reported that none of the 68 stablecoins studied could consistently maintain their pegs or be redeemed in full, casting doubt on their ability to serve as a reliable means of storing value.
Two interesting papers dropped from the BIS recently. One comparing stables to eurodollars, and another arguing that they don't keep their pegs as much as advertised 1) https://t.co/v0beYUKL1k 2) https://t.co/HrqlioAR6X https://t.co/mjmjdkqUOf
"We study 68 stablecoins and show that not one of them has been able to maintain parity with its peg at all times. This is irrespective of their size or type of backing. Moreover, we argue that there is currently no guarantee that stablecoin issuers could redeem users'… https://t.co/m2HFzt0JTF
The latest report of the Bank for International Settlements (BIS) studied 68 stablecoins and concluded that none of them can always remain pegged and cannot be redeemed in full. The report states that the current stablecoins cannot become a means of storing value and a… https://t.co/FihtWENx3p
.@mas_sg managing director Ravi Menon says crypto has failed the test of digital money. https://t.co/y5651g72qN
Bank of England discussion paper on regulatory regime for systemic payment systems using stablecoins https://t.co/NPTW219pS1 | by @HoganLovells
Privately-issued crypto has failed as medium of exchange, store of value, says MAS chief https://t.co/HKXU7CRBq8
Singapore MAS Managing Director Ravi Menon said well-regulated stablecoins as a promising digital currency complementing CBDCs and tokenized bank liabilities, but cryptocurrencies have failed the test of digital money because "they have performed poorly as a medium of exchange or… https://t.co/bZcjcO9b7e
.@mas_sg managing director Ravi Menon says crypto has failed the test of digital money. @thesamreynolds reports. https://t.co/4ZlLrrFc1b
Stash is the latest fintech to back away from digital assets. What took so long? @aidanfitzryan explores in Crypto Global: https://t.co/kpGdeAVLPC