Financial Technology Leader, MAS: Bitcoin Will not Lead to Lehman Financial Crisis

nCommenting on the runaway: In an interview with AsiaNews Channel, Sopnendu Mohanty, chief financial officer of the MAS, said that the collapse of the bitcoin price would not trigger a global financial crisis similar to that caused by the bankruptcy of Lehman Brothers in 2008, There are signs that global regulators are increasingly “serious” treating cryptocurrencies. Mohanty also pointed out that their market size and demand as well as the volume of transactions can know exactly when to intervene, and will enter the market at an appropriate time to take regulatory measures to protect consumers.n
nTranslation: Clovern
Singapore’s central bank, head of financial technology at MAS, said Bitcoin is unlikely to spark a global financial crisis similar to the 2008 Lehman Brothers bankruptcy.n
In an interview with AsiaNews Channel, MAS Chief Financial Technologies Officer Sopnendu Mohanty said he predicted a major financial crisis would not trigger a bitter crash in bitcoin, adding that there are signs that global regulators are increasingly “serious” treating cryptocurrencies .n
Mohanty pointed out:n
n”We know exactly when to intervene based on market size and demand as well as volume, and we’ll come into play at the right time, so I’m not overly concerned about some big financial crisis.”n
nThe head of financial science and technology further said that regulators will come forward in the digital currency market speculation in consumer protection measures to monitor.n
In recent months, MAS has issued several statements on cryptocurrencies and the first digital token issuance.n
In December 2017, the HKMA referred to the “speculative” rise in the prices of cryptocurrencies recently and issued a statement advising the public to be “extremely cautious” when investing in digital currencies.n
Just the previous month, MAS issued guidance on the first digital currency issue (ICO) for securities law.n
At the time, the agency said that tokens sold through the ICO model under Singapore’s Securities and Futures Act and the Financial Advisers Act might be considered securities under certain conditions.n
The agency’s guide covers case studies, including tokens (which should not be considered securities) associated with the cash-for-all platform, and another tokens related to start-ups’ investment funds. (Should be regarded as securities)n

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