Ripple (XRP) Lags in Performance, Singapore’s MAS Is Skeptical of Digital Currencies’ Capabilities
Although appearing efficient, Ripple’s latest lag in performance is disappointing. Meanwhile, Singapore’s MAS official thinks that the retail bank digital currency has no potential.
It’s worth mentioning that Ripple has contributed to the economic growth, even though its old system in SWIFT is slow.
MAS doesn’t “see much in the retail bank digital currency”
The Chief Finance Officer of Singapore’s regulator MAS, Sopnendu Mohanty does not think much of the retail bank digital currencies. However, according to Cointelegraph, it is important to note that Mohanty has never mentioned anything about XRP or Ripple during the MIT Business of Blockchain event:
“We don’t see much in the Retail bank digital currency, but still much hope that we can remove a lot of inefficiencies […] when it comes to cross-border payments.”
Previously, MAS recognized that the technology brings efficiency, but there is no compelling feature for retail bank digital currencies. The statements were made after the Singapore and Canada central banks connected for the first time through Projects Ubin and Jasper, about which he also said that:
“The next wave of central bank blockchain projects can make further progress by bringing technology exploration together with policy questions about the future of cross-border payments.”
Both Tether (USDT) and Ripple are performing bad in the last day, noted News BTC:
“Although we are bullish on Ripple (XRP) prospects, it is after prices rally past essential resistance levels. One of them is 34 cents. The level caps XRP bulls forcing prices to consolidate within a 4 cents range with supports at 30 cents.”
Back in January, MAS also warned the public about a scam which said that the government officially adopted a cryptocurrency. The MAS reported the fraud and warned the public that investing in cryptocurrency or digital tokens also include high risk.