Deputy Prime Minister of Singapore: we have no reason to ban encryption currency trading

Deputy Prime Minister of Singapore: we have no reason to ban encryption currency trading

Singapore’s central bank has conducted the research to the crypto currency and trade mode, the country’s Deputy Prime Minister stressed that there is no reason to ban public encryption currency trading.

Singapore Deputy Prime Minister and central bank chief TharmanShanmugaratnam delivered a speech at the Council meeting yesterday. At that time there were three members question whether the prohibition of encryption currency transactions may.

These few members mentioned China banned domestic exchanges and South Korea on the local market harsh policies, then they asked whether the central bank may take measures to ban bitcoin currency trading or encryption.

Deputy Prime Minister pointed out that “crypto currency is an experiment” – the users scattered around the world, is still in the early stages of development. He said that now the definition of encryption currency success too early. The central bank official also pointed out that once the encryption monetary success, its impact is also widely need time to know.

For whether Singapore may be taken with Chinese similar policy, Shanmugaratnam is given a more direct response:

The monetary authority of Singapore (MAS) is closely related to the research progress and potential risk of. As of now, we have no good reason to ban encryption currency trading. But we will comply with the requirements of anti money laundering provisions of our relevant agency.

Shanmugaratnam published last year with the view of President MAS RaviMenon’s view is similar. He said bitcoin itself does not pose a risk, also do not need supervision, but exchange operators such intermediaries need to be regulated, such enterprises must abide by the existing anti money laundering and terrorism financing laws and regulations.

Shanmugaratnam also mentioned in his speech yesterday:

At present, there are two cases of encryption currency. The first is the payment; second is becoming more and more important, is the encryption currency itself is an asset. The transaction is to obtain the crypto currency income from.

In addition, he also revealed that the crypto currency exchange regulation will make other encryption currency bitcoin is included in the retail payment services by the scope of supervision, and the public should also be aware of crypto currency investment risk.

Fell sharply in recent weeks the price of bitcoin which proved there is a risk.

However, the official stressed that the Singapore authorities will adopt an open and prudent manner to the development of encryption currency.

He said:

We will continue to encourage the blockchain test field, these tests can be related to money, because this kind of innovation may have an effect on the economic or social aspects. But at the same time we will focus on the new risk.

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