According to Tharman Shanmugaratnam, the Deputy Prime Minister of Singapore, the country’s central bank does not see the need to ban cryptocurrency trading activities in the city-state. This statement is based on the surveillance of potential cryptocurrency-related risks, which has been carried out by the Singapore’s central bank.
“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,” – the official stated.
He also noted, that the number of different cryptocurrencies is growing worldwide, but it is not clear yet, whether they will succeed.
“If some do succeed, their full implications will also not be known for some time,” – the Prime Minister’s wrote in response to a written question from members of parliament concerning the prospects of banning cryptocurrency trading.