Singapore's Monetary Authority of Singapore (MAS) Chairman: Private cryptocurrencies that fail to pass basic financial service tests will eventually exit the stage.

According to BlockBeats news on November 28th, Ravi Menon, the Managing Director of the Monetary Authority of Singapore (MAS), stated at the Hong Kong Monetary Authority-International Settlement Bank Senior Executive Meeting that privately-issued cryptocurrencies that fail to pass basic financial service tests will eventually exit the stage. The future monetary system will consist of three key components: CBDCs, tokenized bank liabilities, and "well-regulated" stablecoins.