MAS says that their views on cryptocurrencies are “still evolving”

According to Monetary Authority of Singapore managing director Ravi Menon

  • Will never say never on cryptocurrencies becoming money
  • Collaborating with Bank of Canada on crypto tokens
  • Nature and scale of crypto tokens in Singapore does not currently pose risk to financial stability

The first of the central bank-like figures to come up with that stance this week. Other central bankers have been out and about saying that they do not view cryptocurrencies as being methods of payments and that they do not see them as money.

Interesting to note about the tokens that they are working with the Bank of Canada. It’s the first I’m hearing of it at least.

On a side note, Menon is also tipped to be one of the contenders for the chairman of the Financial Stability Board – in which an earlier
report by the FT said that the US was pushing Fed’s Randal Quarles to vie for the post.
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