The financial regulator of Singapore: bitcoin will not go away

The disappearance of bitcoin by analogy with the collapse of Lehman Brothers during the 2008 crisis is impossible, says the head of the financial regulator of Singapore, Soprendo Mohanty (Mohanty Sopnendu).

Regulators around the world are closely watching the cryptocurrency market, which shows their serious attitude to this subject, said Mohanty in interviews CNA Asia, and added that these organizations, under certain circumstances, will be to protect the interests of consumers:

«We know when to intervene, seeing the market size, demand and transaction and we will come at the right time. I have no fears at the onset of the crisis the entire financial system.»

The growth of bitcoin prices in late 2017, provided the impetus for an increase in the purchase of cryptocurrency, but it was followed by «cold shower» from the statements of the critics:

Warren Buffett (Warren Buffett), the world famous investor and billionaire, has called bitcoin «a Mirage» and predicted that the cryptocurrency fever «will end badly».

Jamie Dimon (James Dimon), American businessman and banker, Chairman of the Board of Directors and chief Executive officer (CEO) «JPMorgan Chase», long called bitcoin a «Scam», but later changed his mind and even apologized.

Despite the rapid success of bitcoin at the end of last year, MAS recommends that investors be particularly careful when dealing with cryptocurrency.

Financial regulators in some countries are making special arrangements in China banned cryptocurrency exchanges, the South Korean government introduced mandatory identification of traders. These sanctions had a negative impact on the price of bitcoin, taking away half its value against the December high.

Mohanty said that on a 10-point scale would give the first cryptocurrency, and one point, explaining that the fact that bitcoin, in its opinion, to be in the experimental stage.

«With bitcoin you can’t buy a Cup of coffee as fast as it is today. Until it becomes possible, let’s not compare bitcoin with the existing financial tools,» he added.

At the same time, the official urged to develop the technology of the blockchain:

«We must not lose sight of the experimental value of cryptocurrency and its underlying technology. Regulators should support them,» said Mohanty.

Mehandi, notes that the technology of the blockchain copes with international transactions, while respecting their safety and, importantly, removing the minimum fee. Part of centralized bodies for conducting various audits not required or can be minimized.

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