Published On: Sat, Jan 13th, 2018

Singapore Won’t Be Part of the State-controlled Crypto Movement

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Even though many countries are interested in, and indeed are pursuing, the creation of national state-run virtual currencies, Singapore isn’t one of them.
The digital currency revolution is here, and it’s not just reserved for Bitcoin and other decentralized cryptocurrencies. More and more countries are exploring the benefits of having a cashless society.
Sweden has previously voiced their desire to investigate the development of an e-krona, Israel is looking into creating a digital shekel, while Russia could soon develop their CryptoRuble. Venezuela also seems to be well on its way to issuing their Petro, even though the legality thereof is up for discussion.
Axel Weber, who is the chairman of Switzerland’s UBS, previously said that central banks and other financial authorities should seriously consider going this route.
Singapore Not Jumping on Board the Digital Train
However, the managing director of the Monetary Authority of Singapore (MAS), Ravi Menon, is not convinced that getting rid of traditional fiat money is the way to go.
According to the Financial Times, he had this to say on the matter:
Why would the central bank want to do that? If there’s any sense of nervousness about …

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  1. DARK DARK says:

    Singapore Won’t Be Part of the State-controlled Crypto Movement

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