‘We Need New Form of Money’ Sopnendu Mohanty, Monetary Authority of Singapore at Global Fintech Fest 2022

MUMBAI, India, Sept 23 (Bernama-BUSINESS WIRE) — Speaking at Global Fintech Fest (GFF) 2022,at a fireside chat with Smita Aggarwal, Global Investments Advisor of Flourish Ventures, Mr. Sopnendu Mohanty, Chief Fintech Officer, Monetary Authority of Singapore, said, “In the new architecture of Web 3.0, asset transfers are not only done traditionally, therefore we need a new form of money that transacts on a distributed ledger. Therefore today, the central bank needs to come up with a new form of money – a legal tender that excludes private currencies, as it doesn’t act like a payment instrument.” GFF 2022 was organised and presented by the Department of Economic Affairs, Ministry of Finance, Government of India, Reserve Bank of India, International Financial Services Centres Authority (IFSCA), National Payments Council of India, the Payments Council of India (PCI) and the Fintech Convergence Council (FCC). It was held between September 20 and 22, 2022 at the Jio World Convention Centre in Mumbai. Pre-event festivities began virtually on September 19, 2022.

“Under the new architecture, tokenisation will enable both asset ownership and transfer of value to happen in real-time,” Mr. Mohanty added.



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