The central bank of Singapore will not regulate the crypto-currency

The market of crypto-currencies has seen upheavals in the course of this week. Only a week after the declarations of the Russian president concerning the future of Bitcoin and other digital currencies, the government has decided to launch their own crypto-currency. Today, it is the director general of the central bank of Singapore, which gives its opinion on the regulation of such virtual currency. The latter indicated that they did not intend to regulate this sector.

Ravi Menon explained that crypto-currencies do not pose major problems for the economy of the country. He said that if the laws against money laundering apply to the market of the virtual currency, very few devices regulate the digital assets themselves.

The desire to put in place a system of control

Many investors are nervous about the future of virtual currency such as Bitcoin. Besides, we already had the opinion of the CEO of JPMorgan about it. The director of the central bank of Singapore joins the opinion of the officer, and think that crypto-currencies are often used for funding illegal.

The authority will wait for the establishment of a body that will control this sector. More and more governments are analysing today in this market in order to develop a regulation. It has as well indicated that it was important to consider this technology as not only a financial instrument that will increase in value, but also to determine the benefits it offers for other uses.

Terence Ong, Wikimedia Commons

Use the crypto-currencies as a means of payment

According to the director general of the central bank, it is possible to use the virtual currency as a means of interbank payments. The Gates Foundation has already attempted the journey to help the poor countries.

A system that will provide many benefits to the users. With the project Ubin, MAS, which operates as a central bank and a financial regulator, has been able to develop the technology Blockchain. Through the network of Ethereum, the company was able to test the inter-bank transfers.

Source : ETHNews