Bitcoin lacks underlying assets and cannot be used for cross-border payments.

Janak9955

Ravi Menon, the Managing Director of the Monetary Authority of Singapore, has stated that the future monetary system will include central bank digital currencies, tokenized bank liabilities, and "well-regulated" stablecoins. Regulatory authorities are shifting towards establishing a stablecoin system fully backed by high-quality government securities or cash. Regarding stablecoins and other assets in the current market, Menon emphasized that stablecoins issued by non-financial institutions lack robust regulation, such as capital, liquidity, and reserves, making it challenging to demonstrate stability during market fluctuations. Therefore, for payment purposes, Menon stressed the necessity of using tightly regulated stablecoins. In contrast, he mentioned that Bitcoin has no underlying assets, and people use it for speculation rather than savings, making it unsuitable for cross-border payments. Menon also highlighted the collaborative development of a cross-border network for central bank digital currencies, known as "mBridge," by the Monetary Authority of Singapore and other regions. If future cooperation with regions researching related applications is established, along with technologies like tokenized deposits, it could address the prolonged duration and high costs associated with cross-border payments.

Sona59

I usually engage in domestic activities for this.

Samiksha

When people are willing to use it for payments, it will become a payment tool.

Yamini003

Payment options also need to be considered.

Ritu13

Some restrictions should be imposed in this regard.