Singapore Central Bank Governor Hopes Blockchain Technology Will Survive Crypto Collapse

Speaking at a banking event today, the head of the central bank of Singapore predicted an imminent collapse of the cryptocurrency market and expressed hope that blockchain technology will be able to survive this crisis.

According to Reuters, Ravi Menon, director general of the Monetary Authority of Singapore (MAS) and the central bank of Singapore, said: “I hope when the hype around these cryptocurrencies subsides, their collapse will not be followed by the much more complex and much more significant technology that is now associated with cryptocurrencies.” 

It is impossible not to take this point of view seriously, at least because the same point of view is expressed by the majority of representatives of central banks around the world. However, the Singapore government recently conducted a trial run of a digital Singapore dollar based on the Ethereum blockchain. And back in October 2017, Ravi Menon, in an interview on Singapore television, said the following:

“I think people should not underestimate the potential of cryptocurrencies. At the moment, many applications have already been created that work with cryptocurrency, which allow their users to speed up the transfer process and reduce their cost.” As an example of the real-life use of cryptocurrencies, the central banker cited cheap international transfers that allow migrant workers to send money to their families in other countries.