No strong case to ban cryptocurrency trading in Singapore: DPM Shanmugaratnam

There is as yet no strong case to ban the trading of digital currencies such as Bitcoin in Singapore, said deputy Prime Minister Tharman Shanmugaratnam. 

"Cryptocurrencies are an experiment. The number and different forms of cryptocurrencies is growing internationally. It is too early to say if they will succeed," he said in a written answer to questions from members of parliament regarding the government's position on cryptocurrency trading, and whether the digital coins will be banned. 

Photo courtesy: Wiki
Photo courtesy: Wiki

"If some do succeed, their full implications will also not be known for some time," he added.

"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."

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CtoI News Desk
CtoI News Desk – CtoI

Singapore-headquartered online media company targeting Indian Diaspora across Singapore, US, UK and Dubai. Connected to India covers developments around Indians abroad, informing, engaging and entertaining its audiences.

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