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.
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.