Deputy Prime Minister of Singapore Tharman Shanmugaratnam said that there is no reason yet to introduce a ban on digital currency in the city-state. At the same time, the Central Bank of Singapore is studying the potential risks associated with the cryptocurrency market, reports Reuters.
To questions related to the fate of the cryptocurrency market from Singaporean parliamentarians, Tharman replied that it was too early to predict anything. The Prime Minister believes that digital currency is an experiment, and if this is actually the case, we will not know the consequences for a long time.
Tharman Shanmugaratnam also noted that the Monetary Authority of Singapore (MAS) is carefully studying all issues that relate to the cryptocurrency market.
Recall that MAS previously advised Singaporeans to be especially careful when investing in cryptocurrency. MAS representatives also stated that Bitcoin will not cause a financial crisis, such as the bankruptcy of Lehman Brothers in 2008.
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