{"id":13118,"date":"2021-11-02T17:44:54","date_gmt":"2021-11-02T16:44:54","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=13118"},"modified":"2021-11-02T17:45:05","modified_gmt":"2021-11-02T16:45:05","slug":"mas-managing-director-says-singapore-has-no-plans-to-ban-bitcoin","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/mas-managing-director-says-singapore-has-no-plans-to-ban-bitcoin\/","title":{"rendered":"MAS Managing Director Says Singapore Has No Plans to Ban Bitcoin"},"content":{"rendered":"\n
The Singapore <\/a>Monetary Authority's chief, Ravi Menon, sees a lot of promise in the bitcoin market. As a result, he said that the local regulator will not outright prohibit the asset class, but will instead establish a proper regulatory framework.<\/h5>\n\n\n\n
\"MAS<\/figure>\n\n\n\n

Singapore\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, according to the CEO, has the potential to become a worldwide leader in the bitcoin field. Ravi Menon, the Managing Director of the MAS, gave his views on the cryptocurrency business and its potential future integration into the city-financial state's network in a recent interview with Bloomberg.<\/p>\n\n\n\n

“It may go nowhere, it could generate a lot of chaos, or it could lead to a really wonderful conclusion for the economy <\/a>and society,” he said, predicting three possible outcomes for the digital asset area. Singapore must be prepared for every eventuality, therefore officials must keep a close eye on technology and get a thorough understanding of blockchain networks and smart contracts.<\/p>\n\n\n\n

Unlike China<\/a>, the MAS does not plan to crack down on the business since it has the potential to be a major participant in the digital future. Instead, the watchdog should implement “strengthened regulation” to safeguard businesses and individuals when dealing with the asset class:<\/p>\n\n\n\n

\u201cWe think the best approach is not to clamp down or ban these things\u2026 There are serious risks: money<\/a>-laundering, terrorist financing are the obvious ones.\u201d<\/p><\/blockquote>\n\n\n\n

Despite agreeing that digital assets had “certain advantages” over fiat currencies, Menon dismissed the idea of bitcoin <\/a>becoming legal tender in Singapore, noting that it lacks the legitimacy of “true money.” Due to its increased volatility, he encouraged only experienced investors to engage with BTC:<\/p>\n\n\n\n

\u201cIf you want to treat it as an investment<\/a> asset, you\u2019d better know what you are doing, it is not for the fainthearted because of the volatility.\u201d<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

The Singapore Monetary Authority’s chief, Ravi Menon, sees a lot of promise in the bitcoin market. As a result, he said that the local regulator will not outright prohibit the asset class, but will instead establish a proper regulatory framework. Singapore , according to the CEO, has the potential to become a worldwide leader in […]<\/p>\n","protected":false},"author":13,"featured_media":13122,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[152,931],"class_list":["post-13118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-singapore"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/11\/image-15.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/13118","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=13118"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/13118\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/13122"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=13118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=13118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=13118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}