Ravi Menon (Ravi Menon), head of the Monetary authority of Singapore (MAS) hopes that a possible collapse of the cryptocurrency market will not undermine the credibility of the blockchain technology underlying virtual currencies.
“I hope that when the cryptocurrency fever and there is a crash, it will not cause mistrust to a much deeper and more meaningful technologies that are associated with bloccano and digital currencies,” said Ravi Menon at the banking event in Singapore.
Menon said that MAS does not exclude the possibility of issuing its own cryptocurrency, but in his opinion “this is not a good idea”.
A warning to investors about the risk of loss of funds, which MAS released in December, was caused primarily by anxiety “speculative prices” for cryptocurrencies. However, the Agency that performs Central Bank functions in the city-state, said he did not intend to regulate cryptocurrencies.
MAS is actively involved in the development of blockchain projects in the development of prototypes DLT payment systems and, together with the Management of monetary circulation of Hong Kong (HKMA) is implementing a project to create a trade Finance platform based on the technology of the blockchain.