Singapore’s central bank hopes cryptocurrencies would survive the eventual crash
The head of Singapore’s central bank on Monday (Jan 15) expressed the hope that the “much deeper and more meaningful” technology underpinning cryptocurrencies such as blockchain would not be undermined by an eventual crash in the virtual currency.
Speaking at a UBS Wealth Insights event in the city-state, Monetary Authority of Singapore (MAS) Managing Director Ravi Menon stated:
“I do hope when the fever has gone away, when the crash has happened, it will not undermine the much deeper, and more meaningful technology associated with digital currencies and blockchain.”
Menon’s comments carry some weight to give the cryptocurrency space a much-needed boost. Singapore is doing extensive research into distributed ledger technology that is behind the development of digital coins, while at the same time it’s issued warnings to the public about possible losses from virtual currency trading. Singapore is also reviewing if the government would launch its own digital currency, and Menon said that it was not ruled out, but added it would not be a good idea.