Close Menu
  • Coins
    • Bitcoin
    • Ethereum
    • Altcoins
    • NFT
  • Blockchain
  • DeFi
  • Metaverse
  • Regulation
  • Other
    • Exchanges
    • ICO
    • GameFi
    • Mining
    • Legal
  • MarketCap
What's Hot

American Express Introduces Blockchain-Based ‘Travel Stamps’

15/09/2025

Dow slips after record highs, focus on Nvidia

15/09/2025

Psychic’s advice cost billionaire heiress $80M in crypto: Report

15/09/2025
Facebook X (Twitter) Instagram
  • Back to NBTC homepage
  • Privacy Policy
  • Contact
X (Twitter) Telegram Facebook LinkedIn RSS
NBTC News
  • Coins
    1. Bitcoin
    2. Ethereum
    3. Altcoins
    4. NFT
    5. View All

    Price Breaks All-Time High Record Again – Here’s What We Know

    04/08/2025

    Bitcoin Switzerland? El Salvador to Host First Fully Native Bitcoin Capital Markets

    04/08/2025

    Bitcoin Breaks $119K, but XLM and HBAR Aren’t Impressed by Its Meager Percentage Gain

    04/08/2025

    High-Stakes Consolidation Could Define Q3 Trend

    04/08/2025

    Ether could see the ‘biggest bear trap’ this month: Analysts

    15/09/2025

    Ethereum Whale Cashes Out Millions in DAI After Price Rally: $13.2 DAI Earned

    15/09/2025

    can $4,300 support prevent a deeper correction?

    15/09/2025

    Analyst Reveals Ethereum (ETH) Expectations for September and October! “The Biggest Bear Trap Could Be Coming!”

    15/09/2025

    The Sui Ecosystem’s Top 3 Altcoin Performers

    29/07/2025

    Floki Launches $69000 Guerrilla Marketing Challenge With FlokiUltras3

    28/07/2025

    Crypto Beast denies role in Altcoin (ALT) crash rug pull, blames snipers

    28/07/2025

    $1.6 Billion XRP Surge: Here’s What’s Unfolding

    28/07/2025

    American Express Introduces Blockchain-Based ‘Travel Stamps’

    15/09/2025

    NFT sales show modest recovery, Pudgy Penguins jump 110%

    14/09/2025

    Twerk From Home Aims to Become the UFC of Exotic Dancing—With a Crypto Boost

    13/09/2025

    Crypto.com Launches Champions Collection With UEFA Experiences and Final Tickets Up for Grabs

    12/09/2025

    American Express Introduces Blockchain-Based ‘Travel Stamps’

    15/09/2025

    Dow slips after record highs, focus on Nvidia

    15/09/2025

    Psychic’s advice cost billionaire heiress $80M in crypto: Report

    15/09/2025

    Coinbase-backed petition pushes UK on blockchain and stablecoin policy

    15/09/2025
  • Blockchain

    Google Gets $35 Billion Offer for Chrome as AI Browser Fight Escalates

    15/09/2025

    Unlocking a Revolutionary Era for On-Chain Finance

    14/09/2025

    Latin American devs favor Ethereum and Polygon over new chains: Report

    14/09/2025

    GrowHub Signs ESG Blockchain Agreement With Republic of Srpska

    14/09/2025

    Bluwhale AI Taps MelosBoom to Redefine Web3 Musicverse with DePIN and AI

    14/09/2025
  • DeFi

    It Claimed to Have $12 Billion

    14/09/2025

    Thetanuts Finance Partners with Odette to Debut V4 and RFQ Engine on Base

    14/09/2025

    3 Reasons The Growth Of DeFi Is Lagging Among Institutions

    14/09/2025

    dForce Moves to Integrate AnchorX Yuan-Pegged $AxCNH Stablecoin

    14/09/2025

    Unlocking Massive Value with a Revolutionary Protocol

    13/09/2025
  • Metaverse

    Metaverse ‘still has a heartbeat’ as NFT sales jump 27% in August

    12/09/2025

    CreataChain Joins LightCycle to Advance Fashion, Interoperability, and AI in Metaverse

    05/09/2025

    new institutional ‘trust’ layer to boost tokenized ESG investment

    04/09/2025

    Metaverse developer The Sandbox lays off 50% of staff and pivots to meme coin launchpad

    28/08/2025

    Meta Breaks Up AI Lab as Part of Superintelligence Push

    20/08/2025
  • Regulation

    Dow slips after record highs, focus on Nvidia

    15/09/2025

    Psychic’s advice cost billionaire heiress $80M in crypto: Report

    15/09/2025

    Fed jitters trigger $1.43b crypto fund exodus, largest since March

    15/09/2025

    Solana stocks keep falling as Wall Street pitches another $1B

    15/09/2025

    Global stock exchanges call for crackdown on tokenized stocks

    15/09/2025
  • Other
    1. Exchanges
    2. ICO
    3. GameFi
    4. Mining
    5. Legal
    6. View All

    Binance Pay enters South Africa’s checkout lanes through Zapper tie-up

    15/09/2025

    Binance Warns Crypto Projects Against Listing Scams: Details

    15/09/2025

    Revolut Secures UAE Nod for Payments Business, Eyes Regional Expansion

    15/09/2025

    Prediction Market PredictIt Launches in October—Here’s What to Expect

    15/09/2025

    ICO for bitcoin yield farming chain Corn screams we’re so back

    22/01/2025

    Why 2025 Will See the Comeback of the ICO

    26/12/2024

    Crypto Games Keep Shutting Down. This $500K Fund Aims to Help Players Recover

    14/09/2025

    Conflux Network and Salvo Alliance Targets Scalable Web3 Gaming Adoption

    13/09/2025

    Undeads Games TVL Reached $30M+

    12/09/2025

    GameFi.org Joins Somnia to Accelerate Blockchain Gaming Advancement

    10/09/2025

    Why Bitcoin Miners Are Powering AI’s Expansion

    14/09/2025

    Bitcoin’s Computing Muscle Flexes Harder

    13/09/2025

    Ethiopia is Turning Hydropower Into Bitcoin Mining

    13/09/2025

    Impressive 375 BTC Mined in August

    13/09/2025

    Coinbase-backed petition pushes UK on blockchain and stablecoin policy

    15/09/2025

    China Imposes New Cryptocurrency Bans! Here Are the Details…

    15/09/2025

    Input Output Joins CryptoUK to Help Shape UK’s Digital Asset Future

    15/09/2025

    CFTC Nominee Brian Quintenz tells all in Winklevoss twins fight

    15/09/2025

    American Express Introduces Blockchain-Based ‘Travel Stamps’

    15/09/2025

    Dow slips after record highs, focus on Nvidia

    15/09/2025

    Psychic’s advice cost billionaire heiress $80M in crypto: Report

    15/09/2025

    Coinbase-backed petition pushes UK on blockchain and stablecoin policy

    15/09/2025
  • MarketCap
NBTC News
Home»Regulation»MAS Director mislabels Bitcoin a ‘private cryptocurrency’ stating it has ‘failed the test of money’
Regulation

MAS Director mislabels Bitcoin a ‘private cryptocurrency’ stating it has ‘failed the test of money’

NBTCBy NBTC29/11/2023No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email


On the current GDEC 2023 convention, Ravi Menon, Managing Director of the Financial Authority of Singapore (MAS), critiqued Bitcoin and comparable digital currencies, questioning their viability as a type of cash.

Menon asserted that non-public cryptocurrencies, together with Bitcoin, have “miserably failed the check of cash,” primarily resulting from their volatility and use as autos for hypothesis fairly than steady shops of worth. This attitude aligns with a rising skepticism amongst monetary authorities relating to the practicality of cryptocurrencies in on a regular basis monetary transactions and financial savings.

Nonetheless, Menon’s reference to Bitcoin as a ‘non-public cryptocurrency’ warrants scrutiny. Not like actually non-public digital currencies that function on permissioned or restricted ledgers, Bitcoin is basically public, working on a decentralized and clear blockchain. This misclassification might increase questions in regards to the common understanding of cryptocurrency classifications amongst monetary regulators and the necessity for a extra nuanced dialog in regards to the various nature of digital property.

Additional delving into Menon’s imaginative and prescient, he anticipates a future financial system comprising three fundamental parts: Central Financial institution Digital Currencies (CBDCs), tokenized financial institution liabilities, and well-regulated stablecoins. This triad, Menon suggests, may supply the soundness and regulation that present cryptocurrencies lack, probably resulting in a extra built-in and controlled digital monetary surroundings.

The video clip, which was reported on by Bloomberg, comprises the next assertion by Menon.

“Non-public cryptocurrencies, bitcoins, and the like I believe have miserably failed the check of cash as a result of they will’t maintain worth. Many of the attraction is as a method for hypothesis.

No one retains their life financial savings in this stuff. Folks purchase and promote this stuff to make a fast buck. I don’t assume it meets the check of cash.

So non-public cryptocurrencies, that are native digital tokens, sadly, don’t make that check. So I believe that they’ll ultimately go away the scene, leaving these three parts, CBDCs, tokenized financial institution liabilities, and well-regulated stablecoins, because the three prongs of a future financial system.”

Ravi Menon’s feedback supply vital perception into the evolving regulatory perspective on digital property. Whereas there may be advantage in his critique relating to the speculative nature of digital currencies like Bitcoin, the mislabeling of Bitcoin as a non-public entity factors to a bigger dialog in regards to the various ecosystem of digital property.

Most notably, given MAS’s seemingly progressive stance on digital property, it’s noteworthy to listen to the managing director classify Bitcoin as a ‘non-public’ asset.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
NBTC

Related Posts

Dow slips after record highs, focus on Nvidia

15/09/2025

Psychic’s advice cost billionaire heiress $80M in crypto: Report

15/09/2025

Fed jitters trigger $1.43b crypto fund exodus, largest since March

15/09/2025

Solana stocks keep falling as Wall Street pitches another $1B

15/09/2025
Add A Comment

Comments are closed.

Top Posts
Get Informed

Subscribe to Updates

Get the latest news from NBTC regarding crypto, blockchains and web3 related topics.

Your source for the serious news. This website is crafted specifically to for crazy and hot cryptonews. Visit our main page for more tons of news.

We're social. Connect with us:

Facebook X (Twitter) LinkedIn RSS
Top Insights

American Express Introduces Blockchain-Based ‘Travel Stamps’

15/09/2025

Dow slips after record highs, focus on Nvidia

15/09/2025

Psychic’s advice cost billionaire heiress $80M in crypto: Report

15/09/2025
Get Informed

Subscribe to Updates

Get the latest news from NBTC regarding crypto, blockchains and web3 related topics.

Type above and press Enter to search. Press Esc to cancel.