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The Managing Director of the Monetary Authority of Singapore (MAS), Ravi Menon, stated that well-regulated stablecoins could complement central bank digital currencies (CBDCs) and tokenized bank liabilities. However, he noted that cryptocurrencies have failed as a medium of exchange and store of value. This comes amid Singapore's competition with Hong Kong to become Asia's top financial hub, with the focus on tokenization in the crypto space. Additionally, Mastercard is intensifying efforts in the CBDC arena, acknowledging the challenges in achieving widespread adoption for state-issued digital currencies.
Payments giant @Mastercard's Asia-Pacific lead for digital assets says people are too comfortable using today's money for CBDCs to achieve widespread adoption. https://t.co/1qro4qKhhj
Mastercard intensifies efforts in the CBDC arena, inviting blockchain and #Crypto companies to collaborate on its central bank digital currency program 📃 Despite the @IMFNews endorsement of #CBDCs as a safe, low-cost alternative to cash, widespread adoption remains a complex… https://t.co/1lZQwzryRp https://t.co/8kGZEL8fnm
Mastercard intensifies efforts in the CBDC arena, inviting blockchain and #Crypto companies to collaborate on its central bank digital currency program 📃 Despite the @IMFNews endorsement of #CBDCs as a safe, low-cost alternative to cash, widespread adoption remains a complex… https://t.co/sLdq8E42Zl https://t.co/WltfPv3Y0s
Payments giant Mastercard says adoption is the most challenging part for state-issued digital currencies https://t.co/68ZJ5DotFt
Mastercard says wide adoption of central bank digital currencies is 'difficult' https://t.co/44bgwatp0s
Mastercard says wide adoption of central bank digital currencies is 'difficult' https://t.co/nirqFX24NY
.@mas_sg managing director Ravi Menon says crypto has failed the test of digital money. https://t.co/y5651g72qN
Singapore's rivalry with Hong Kong to be Asia’s top financial hub appears to be spilling over to tokenization, a hot topic in crypto. https://t.co/H7V2YdIP5b
Singapore's rivalry with Hong Kong to be Asia’s top financial hub appears to be spilling over to tokenization, a hot topic in crypto. https://t.co/iWDJHXk2IJ
Singapore's rivalry with Hong Kong to be Asia’s top financial hub appears to be spilling over to tokenization, a hot topic in crypto. https://t.co/6YYKBWEFyu
Singapore's rivalry with Hong Kong to be Asia’s top financial hub appears to be spilling over to tokenization, a hot topic in crypto. https://t.co/WCqPYXkrxz
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