Singapore says no strong case to ban cryptocurrency trading
[SINGAPORE] Singapore's central bank has been studying the potential risks posed by cryptocurrencies, but there is as yet no strong case to ban trading of the digital coins in the city-state, Deputy Prime Minister Tharman Shanmugaratnam said.
"Cryptocurrencies are an experiment. The number and different forms of cryptocurrencies is growing internationally. It is too early to say if they will succeed," Mr Shanmugaratnam said.
"If some do succeed, their full implications will also not be known for some time," the deputy prime minister said in a written answer to questions from members of parliament on banning the trading of bitcoin or cryptocurrency.
"The Monetary Authority of Singapore (MAS) has been closely studying these developments and the potential risks they pose. As of now, there is no strong case to ban cryptocurrency trading here."
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
US inflation rises in line with expectations in March
Thames water crisis risks £100 billion UK investment plan
Indian central bank issues draft guidelines for web aggregators of loan products
Vietnam National Assembly head resigns amid graft purge
China central bank flags bond investment risks to some financial institutions: sources
Xi tells Blinken US, China should be 'partners, not rivals'