Managing Director of the Monetary Authority of Singapore: Cryptocurrencies that fail the basic test of financial services will be exited

According to Wu, Ravi Menon, managing director of the Monetary Authority of Singapore, said in Hong Kong that private cryptocurrencies that fail to pass basic tests for financial services will eventually exit the monetary sector. Ravi Menon said that the future monetary system will consist of three key components: central bank digital currencies, tokenized bank liabilities, and "well-regulated" stablecoins.