Singapore Not Banning Cryptocurrency

February 7, 2018

The Central Bank of Singapore is conducting study on potential crypto-related risks and is not planning to ban the currency turnover, as Tharman Shanmugaratnam, the country’s Deputy Prime Minister, said.

“Cryptocurrencies are an experiment. The number and different forms of cryptocurrencies is growing internationally. It is too early to say if they will succeed. If some do succeed, their full implications will also not be known for some time,” the deputy prime minister said in a written answer to questions from members of parliament on banning the trading of bitcoin or cryptocurrency. The Monetary Authority of Singapore (MAS) has been closely studying these developments and the potential risks they pose. As of now, there is no strong case to ban cryptocurrency trading here”, Shanmugaratnam claimed.

Let us remind you that Ravi Menon, the Central Bank's Managing Director, said he sees no reason in regulating cryptocurrencies, while the authority’s Chief Fintech Officer Sopnendu Mohanty noted, he holds the 2008 world crisis recurrence impossible given further Bitcoin development.

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