Blockchain Daily

Singapore has no plans to ban cryptocurrency trading in regulatory control

Singapore has no plans to ban cryptocurrency trading in regulatory control

The future of cryptocurrencies is a hot topic, and lately many countries have been seeking to gain control and even ban them. However, the Singaporean government has signalled its intent by stating there is no “strong case” to ban them outright.

Singapore’s deputy prime minister and chairman of Monetary Authority of Singapore (MAS), Tharman Shanmugaratnam, explained that “Cryptocurrencies are an experiment. The number and different forms of cryptocurrencies is growing internationally. It is too early to say if they will succeed,” adding that “If some do succeed, their full implications will also not be known for some time.”

The rhetoric surrounding recent regulatory concerns has been primarily negative over the past month which, in line with the recent price dives of many major cryptos like Bitcoin, has rounded off a shaky start to 2018 following the dizzying heights in confidence and prices in late 2017. But perhaps Singapore’s positive response to the question of a crypto-ban will provide a more positive outlook.

“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,” added Shanmugaratnam, via Reuters.

Speaking to lawmakers, the deputy prime minister spoke eloquently on the uses as technology behind cryptocurrencies, a refreshing change to the language used by most government bodies; that of crime, corruption and volatility.

“There are two main uses of cryptocurrencies today,” he explained. “The first is as a means of payment. The second, which has become far more prominent, is where cryptocurrencies are assets in their own right. In both these uses, the underlying technologies, in the form of blockchains or distributed ledgers, may prove to have potentially useful applications in facilitating payments and trade settlements.”

As we reported yesterday, Bitcoin endured an almighty slump recently, with its trading price dropping to below $6000 for the first time since it reached an all-time high of $19,205. Prices have improved since then and the trading price at time of writing – according to CoinBase’s index, stands at $8115.