According to Ravi Menon, Singapore’s head of Monetary Authority, the Southeast nation is not planning on banning crypto anytime soon. Rather, Menon says the MAS sees great potential in digital currencies, and will institute supporting regulatory frameworks to ensure they thrive. In addition, the government executive also suggested that Singapore could rise to become a global leader in the crypto space. Remarkably, Singapore’s stance diametrically opposes China’s, which saw the fellow Southeast Asian country clamp down on crypto earlier in the year.
Menon predicted that there were three possible outcomes to the adoption of digital currencies. According to him:
“It could go nowhere, it could cause a lot of turmoil, or it could lead to a very good outcome for the economy and society.”
Menon further stated that Singapore should prepare for all outcomes. One way by doing it for the nation’s authorities to apprise themselves of all things crypto-related. Furthermore, Menon particularly mentioned blockchain networks and smart contracts as great starting points. Menon also stressed the importance of establishing proper and competent regulation for the crypto space. He believes this is necessary for protecting companies and individuals who choose to operate in that asset class.
Although he favors crypto as instruments for growth and development, Menon rejected the possibility of BTC becoming Singapore’s legal tender. He described the asset as not having the value of “real money.”
Image Credits: Pixabay
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