In a speech today, Ravin Menon, Managing Director of the Monetary Authority of Singapore (MAS), clarified the central bank’s position on digital assets, central bank digital currencies (CBDC) and cryptocurrencies.
Wholesale CBDC is viewed as having good potential, in line with the Project Dunbar initiatives for cross border payments, but it sees little need for a retail CBDC for now. The regulator wants to further address consumer speculation in cryptocurrencies.
In January, MAS imposed restrictions on cryptocurrency promotion and banned crypto ATMs. But Menon said this has failed to curb speculation.
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