Monetary Authority director calls current system 'not fit for 21st century'
Monetary Authority of Singapore managing director Ravi Menon said on Monday the solution to costly, slow and inefficient cross-border payments is the implementation of industry-led blockchain stablecoin transactions and multi-CBDC platforms.Menon, explaining that the transfer of money across nations currently relies on"an archaic network of corresponding banks" that costs users a global average of 6.4 percent of the total transfer value.
Menon didn't just dish out insults. He also offered three recommendations on how to create a more efficient, affordable and inclusive cross-border payment experience: link up faster systems, build a common platform linking multiple central bank digital currencies , and expand private sector blockchain-based payment networks.
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