Singapore’s Central Bank: Speculation will pose a risk for the blockchain goals of 2020

nBankruptcy Commentary: Sopnendu Mohanty, chief financial officer of the Monetary Authority of Singapore (MAS), told CNBC in a February 12 interview that “Project Ubin”, a blockchain project by the central bank, will bring “real impact” in two years. The concept of blockchain technology is described as “fantastic existence.” This shows that despite the continued volatility of the cryptocurrency market, governments all over the world also disagree with each other, but Singapore remains optimistic about the potential of cryptocurrencies and blockchain.n
nTranslation: Clovern
In a February 12 interview with CNBC, Sopnendu Mohanty, Chief Financial Technologies Officer of the Singapore Monetary Authority said that “Project Ubin”, the central bank’s blockchain project, will have “real impact” in two years.n
Sopnendu Mohanty described the concept of blockchain technology as “fantastic presence” when it came to the current state of the blockchain project “Project Ubin” and cryptocurrency.n
Mohanty told CNBC:n
n”I think it will take two years before we can complete the transport layer building, data transfer, data storage … the entire blockchain must have a single infrastructure across multiple industries for real impact.”n
nSingapore remains optimistic about the potential of cryptocurrencies and blockchains, and governments around the world are disloyal despite the continued volatility in the cryptocurrency market.n
The Cointelegraph reported on February 6 that the Monetary Authority of Singapore has confirmed that the agency is “closely studying” cryptocurrencies and their “potential risks”, but the authorities consider the cryptocurrency “no systemic risk issue” and ” There is no good reason to ban “cryptocurrency.”n
With regard to volatility and profiteering, Sopnendu Mohanty warned that excessive speculation “could have a negative impact on the initial stages of the use of the entire cryptocurrency.”n
He explained:n
n”We will continue to experiment with this amazing (blockchain) technology to find a use case that is likely to last long.”n
nIn January this year, Monetary Authority Secretary Ravi Menon also pledged to support “more meaningful technology related to digital currency and blockchain,” and said he hopes that any unsteadiness or even “market collapse” will not completely obliterate these technologies Role.n

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