Ravi Menon Singapore MAS chief hopes on cryptocurrency future tech

The managing director of the Monetary Authority of Singapore(MAS),Ravi Menon spoke on cryptocurrency future tech. Mr.Menon on Monday said that he hopes the technologies on cryptocurrencies likely blockchain will not be underpinned by virtual crash.

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Moreover, the Singapore is now stand as a hub for fintech but it takes “extend caution” while purchasing cryptocurrencies.

Ravi Menon, MAS chief said,

“I do hope when the fever has gone away, when the crash has happened, it will not undermine the much deeper. Also more meaningful technology associated with digital currencies and blockchain”.

Further, he added that he would not rule the outcomes of the MAS in directly providing cryptocurrency to the users. Although, he was not sure that it was a good idea.

Singapore and Blockchain Technology

In early 2017, Singapore was on public eye for blockchain concerning aspects, including appointing Accenture to develop blockchain prototype solution for interbank payments and announcement of not regulating cryptocurrencies.

Ravi Menon had stated that the Singapore won’t control cryptocurrencies rather it will look over money laundering and potential risks that may encounter from putting cryptocurrency in service.

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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