Crypto Space Will Survive ‘Crash’: The Head of Singapore Central Bank

On Monday, the head of Singapore’s central bank said about hoping that crypto technologies such as blockchain would not be undermined by an eventual crash in the virtual coins.

Many global Central Banks have concerns about potential losses for citizens through cryptocurrency trading. But it is carrying out extensive research into the distributed ledger technology that underlies bitcoin.

The managing director of the Monetary Authority of Singpore (MAS) Ravi Menon hopes that when the crash has happened it will not affect the technology, which is behind digital currencies called blockchain.

Last week South Korea informed about plans to ban cryptocurrency trading. This action sent bitcoin and other virtual coin prices to drop down.

Last year the value of bitcoin surged around 1,500 percent peaking up nearly $20,000 in December. After that it fell down and on Monday the price was $13.572 on Bitstamp exchange, which is located on Luxembourg.

Menon answered a question whether central banks should launch cryptocurrencies that he is not sure it is a good idea.

There is an example of launching cryptocurrency by Venezuela, which is backed by oil as a way to escape from financial sanction set by United States.