Singapore MAS Chief Hopes Crypto Tech Will Survive Crash
15 Janvier 2018 - 6:37AM
RTTF2
Ravi Menon, who is the chief of the Singapore's de facto central
bank, expressed hope on Monday that technologies underpinning
cryptocurrencies and the blockchain would survive a crash in the
former, news agency Reuters reported.
The Managing Director of the Monetary Authority of Singapore
said at a UBS Wealth Insights event that he hoped an eventual crash
in cryptocurrencies will not undermine the much deeper, and more
meaningful technology associated with them.
Menon also did not rule out the Singapore central bank launching
cryptocurrencies to sell directly to public, but was doubtful
whether it would be a good idea, the report said.
In December, Bank of England Governor Mark Carney said that his
bank found the distributed ledger technology behind blockchain and
bitcoin interesting. The technology could improve transactions
between financial institutions, he added.
While Carney was also not enthusiastic about the central bank
issuing a virtual currency, he stressed that the recent jump in the
prices of cryptocurrencies did not pose any threat to financial
stability.
Cryptocurrencies have seen monumental growth in value over the
past couple of months. Central banks and governments across the
world have issued warnings against trading in cryptocurrencies.
As of 5.31 am ET on Monday, Bitcoin was up 0.97 percent at
$13,874.60, while Ethereum was down 1.61 percent at $1,328.53 on
CoinMarketCap.
On January 13, Bank Indonesia warned the country's citizens
against trading and speculating in virtual currencies.
"Virtual currencies are vulnerable to bubble risks, and
susceptible to be used for money laundering and terrorism
financing, therefore can potentially impact financial system
stability and cause financial harm to society," the bank said in a
statement.
Last week, South Korean authorities launched a wide ranging
probe into the cryptocurrency trading. South Korea is one of the
leading markets for digital currencies.
Korean tax authorities raided some crypto exchanges last week
over concerns of tax evasion and are exploring legislation to ban
trading in cryptocurrencies.
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