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Ravi Menon, the Managing Director of the Monetary Authority of Singapore (MAS), has expressed his belief that private digital currencies will eventually fade from the monetary system. Speaking at a panel discussion, Menon stated that these cryptocurrencies have failed to meet essential financial service tests, particularly in terms of maintaining consistent value. He envisions a future monetary system consisting of central bank digital currencies (CBDCs), tokenized bank liabilities, and well-regulated stablecoins. Menon emphasized the potential of stablecoins, especially those fully backed by high-quality government securities or cash, as they could provide stability and reliability. Singapore has recently introduced a regulatory framework for single-currency stablecoins, focusing on value stability, capital, redemption at par, and disclosure of audit results. The country’s financial regulator also plans to launch a live pilot of a CBDC for wholesale interbank settlements in 2024. Rajeshwar Rao, Deputy Governor of the Reserve Bank of India (RBI), shared an optimistic view on the success of CBDCs. He believes that CBDCs can fulfill unmet user needs and leverage existing technology and infrastructure to achieve greater success. Rao also highlighted the importance of data privacy, cybersecurity, and resilience for CBDCs to gain trust similar to physical currency. The RBI has already initiated a CBDC pilot with millions of participants and is considering expanding its scope to include interbank money market transactions. Rao also suggested the possibility of implementing CBDCs on a multilateral basis in the future.