Singapore Will Not Ban Digital Currency

Singapore Will Not Ban Digital Currency

Singapore’s deputy prime minister Tharman Shanmugaratnam supplied new remark on the authorities’ commitment not to prohibit digital currency as a part of its future regulatory plans. In a series of fourteen statements posted on Monday, February 5 in reaction to questions posed by participants of parliament Tuesday, Tharman Shanmugaratnam, deputy prime minister and minister in charge of regulatory frame the Monetary Authority of Singapore, noted that an extensively hands-off policy concerning digital currencies going ahead.


Tharman Shanmugaratnam said:

“Monetary Authority of Singapore has been carefully analyzing these tendencies and the capacity dangers they pose. As of now, there’s no robust case to prohibit digital currency buying and selling here. However, we’ll be subjecting those involved as intermediaries to our anti-money laundering policies. And we’ll maintain highlighting to Singaporeans that they might lose their shirts when they make investments in digital currencies.”


Like Japan, Singapore has highlighted itself as permissive surroundings for each digital currency and Blockchain innovation during the last few years. In stark comparison to China and Indonesia, the town-state has favored Blockchain especially as a part of its bid to become a worldwide hub for the technology.

Addressing the disparity among Singapore and its neighbors, Tharman Shanmugaratnam mentioned that volumes concerned were relatively small and publicity to the economic system correspondingly insignificant.


Tharman Shanmugaratnam stated:

“For now, the nature and scale of digital currency buying and selling in Singapore does not pose dangers to the protection and integrity of our economic system. In addition, connections between digital currency buying and selling and Singapore’s economic system are not great at nowadays. Singapore’s banking machine does not have any significant exposure to worldwide and local entities dealing in digital currencies. We therefore do not have broader, systemic danger concerns in regards to digital currencies.”

Remaining month, Monetary Authority of Singapore managing director Ravi Menon sounded bullish on digital’s future while he went on record to mainstream media to mention he hoped assets and their underlying technology might survive a main crash.

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