Singapore Central Bank: Speculators Affect Crypto Market

February 13, 2018

Cryptocurrency speculators undermine the technology and experiments with it, as chief fintech officer of the Monetary Authority of Singapore (MAS) Sopnendu Mohanty said.

In the interview to CNBC he claimed, he does not want speculative investing into crypto to "destroy the experimental value of cryptocurrency."

Currently the country’s central bank is developing its own blockchain within the framework of Project Ubin. Testing of digital version for Singaporean dollar with this blockchain as basis is planned to be carried out this year. Together with MAS large banks like Bank of America Merrill Lynch, Citi and Credit Suisse are also onvolved into the project. Speculators however may hinder from conducting the experiment.

“That's a key part because we are going to continue to experiment on this fabulous technology and find the use case, hopefully, in the long run. But the speculators and the people who are making money out of this speculation of the cryptocurrency (market) are perhaps negatively impacting the whole experimentation of cryptocurrency, Mohanty noted.

Singapore authorities are wary of cryptocurrency and have published a note of warning for the citizen having urged them to be ultimately cautious when investing in Bitcoin and other cryptocurrencies. Yet banning them is out of the question so far.

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