the chief executive of Singapore’s financial regulator Ravi Menon, He drew the reaction of the crypto money industry with his statements at an event he attended today. Menon made statements about the future of the internet, finance and technology in general, as well as the crypto money industry.
Cryptocurrencies, Not Money!
Menon, who also made statements about cryptocurrencies, criticized them harshly and emphasized the following:
“Cryptocurrencies are money? So far, the answer should be no because cryptocurrencies have performed pretty poorly as a value transfer tool. In addition, cryptocurrencies were found to be dysfunctional as a value saving tool.”
Ravi does not replace cryptocurrencies as money and harshly criticizes those who see it as money. Stating that cryptocurrencies are actually “crypto tokens” according to the technical term and can never be seen as money, Ravi may be confusing an important detail.
The detail Ravi missed is that stablecoins are now used as a value transfer tool, even by top US banks. This shows that cryptocurrencies are already performing as expected and making significant strides towards mainstream acceptance.
Stating that an asset must be suitable for payment purposes in order to be “money”, Ravi emphasized once again that Bitcoin is not suitable for this and warned investors not to “fall” into this trend.