The interview was conducted by Joy Macknight, Editor of The Banker.
Summary of remarks by Mr Ravi Menon
There are three distinguishing features that make up the crypto ecosystem.
- First, the blockchain. It is a distributed ledger where ownership of assets is recorded and verified, and transactions take place peer-to-peer and are irrevocable.
- Second, the concept of tokenisation. This enables all manner of assets or items of value to be represented digitally through a smart contract on a blockchain Third, cryptography. This is a secure way for transactions to be performed.
Taken together, these features make the crypto ecosystem a potentially transformative technology. It enables high value assets to be fractionalised and this can unlock new economic value, enhance financial inclusion, and enable more seamless and efficient financial services. This is the greater vision that MAS is focused on, much beyond cryptocurrencies.
There are two parts to MAS’ approach.
One, grow digital asset capabilities.
The digital asset ecosystem comprises an entire range of crypto related services, and we are working hard to enable a conducive environment for such activities…
