No Strong Reason To Ban Cryptocurrency Trading: Singapore View
The Central Bank of Singapore has been studying the potential risks posed by cryptocurrencies, but still there is no strong matter to ban transactions of digital currencies in the city-state. This point gave Deputy Prime Minister of Singapore Tharman Shanmugaratnam.
“Cryptocurrencies are an experiment. The number and different forms of cryptocurrencies is growing internationally. It is too early to say if they will succeed.”
Also he said in a written answer to questions from members of parliament on banning the cryptocurrency trading, that in case of successful developments their full implications wouldn’t be known for some time.
The country’s Monetary Authority has been closely studying the developments and potential risks. But for the current moment, there is no strong case to prohibit trading of cryptocurrencies.