Singapore PM said, there is No Such Reason to Ban Cryptocurrency Trading

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No Strong reason behind banning Cryptocurrency Trading, says Singapore PM

After studying strongly on Cryptocurrencies and their trading by country’s central bank, Singapore’s deputy prime minister has told that there is no such reason to prohibit cryptocurrency trading between residents.

Tharman Shanmugaratnam, Singapore’s deputy prime minister and minister in charge of the central bank, was talking at a parliamentary session yesterday while he answered questions asked by three Members of Parliament (MEPs) regarding the possibility of the ban on cryptocurrency trading in Singapore.

The question was, is there any action being considered to ban the trading of bitcoin currency or cryptocurrency?.

Minister Answered:

“Cryptocurrencies are an experiment, their numbers had grown internationally and are currently at a nascent stage. The full implications of cryptocurrencies will take time to understand if they do succeed in society.”

He included:

“The Monetary Authority of Singapore (MAS) [Singapore’s central bank] has been closely studying these developments and the potential risks they pose. As of now, there is no strong case to ban cryptocurrency trading here. But we will be subjecting those involved as intermediaries to our anti-money laundering regulations.”

The central bank chief told Bitcoin itself doesn’t pose any risks requiring regulation. But rather than pointing to the regulation of intermediaries like exchange operators who would have to comply with existing anti-money laundering and counter-terrorism financing laws.

The Prime Minister described:

“There are two main uses of cryptocurrencies today. The first is as a means of payment, the second, which has become far more prominent, is where cryptocurrencies are assets in their own right. People are trading in them in the hope of making a profit.”

He announced that the country’s authorities will adopt a comprehensive and cautious approach to cryptocurrencies going forward.

One of the Major and popular Airlines in the world, Singapore airline has announced that it will launch a Blockchain supported Loyalty App which is useful for its frequent flyers.

Nishanth Shetty

Nishanth Shetty is a technical writer, author and a crypto-advisor working at Cryptofame. Based in the city of dreams, Mumbai, on the west coast of India. He holds a bachelors degrees from Mangalore University. Nishanth has a myriad experience of technical writings for tech brands. His interests include technology, travel, and food.