Singapore central banker sees private crypto on its way out

Private cryptocurrencies that failed the fundamental tests of financial services will eventually exit the monetary scene, according to Singapore’s central bank chief. That will leave a future monetary system made up of three key components: central bank digital currencies, tokenized bank liabilities and “well-regulated” stablecoins, Monetary Authority of Singapore’s Managing Director Ravi Menon said in Hong Kong on Tuesday.

Private digital coins “have miserably failed the test of money because they can’t keep value,” Menon said at a panel discussion on the Future of Monetary System as part of the Hong Kong Monetary Authority-Bank for International Settlements event.